Skip to main content
  • This website sets cookies on your device. To find out more about how we use cookies please refer to our Privacy and Cookie Policy. By continuing to use the site, we’ll assume that you are content for us to set these on your device.
  • Close
Home > Prudential Regulation Authority > Regulatory reporting
 

Regulatory reporting

Regulatory reporting  |  Industry working group  |  Taxonomy  |   Detailed technical information  |  BEEDS portal

This page provides information on the qualitative and quantitative reporting requirements for firms under Solvency II. It also sets out the PRA’s expectations of firms following Solvency II implementation and provides reporting schedules as well as information on National Specific Templates.
 

Solvency II Pillar 3 reporting requirements

The Solvency II Pillar 3 regulatory reporting requirements came into force on 1 January 2016. Firms must produce two key reports:
 
i) the Solvency and Financial Condition Report (SFCR) – Firms are required to disclose this report publicly and to report it to the local National Competent Authority (NCA) on an annual basis. The SFCR includes both qualitative and quantitative information; and
 
ii) the Regulatory Supervisory Report (RSR) – This is a private report to the supervisor and is not disclosed publicly. Firms submit this report to the NCA in full at least every three years and in summary every year. The RSR includes both qualitative and quantitative information.
 
In addition firms must comply by the Rules set out in PS2/15 in relation to submitting national specific templates. Firms should also be aware of the PRA’s expectations in SS25/15 ‘Solvency II: regulatory reporting internal model outputs’, which contains templates and log files that the PRA expects firms to use when submitting regulatory reports on its internal model outputs. See Related Links. 
 
Firms are referred to the slides and recording from the PRA's seminar held on 22 October 2015 which provided i) an overview of the Solvency II Pillar 3 submission requirements and ii) information about the system that firms will use. 
Slides from the PRA's seminar, 22 October 2015: PRA overview of Solvency II Pillar 3 submissions for smaller insurers

 

Recording of the PRA's seminar, 22 October 2015: PRA overview of Solvency II Pillar 3 submissions for smaller insurers

Solvency II implementation phases and transitional measures

 
There are three distinct phases of Solvency II regulatory reporting and each has different requirements. The three phases are the:
i)              preparatory phase, the period before the full Solvency II regulatory reporting requirements came into effect on 1 January 2016;
ii)             transitional phase which is the three years following implementation on 1 January 2016; and
iii)            the period following the transitional phase where the Solvency II provisions apply in full (from 1 January 2020).
 
Transitional measures for reporting and public disclosure are set out in the PRA’s policy statement PS2/15 (See Related Links). Transitional Measures can be found in appendix 2.17 and the accompanying Rules are in the PRA Handbook
 
The transitional measures relate to:
 
i)              the regular supervisory report and annual quantitative templates, including annual national specific templates;
ii)             quarterly quantitative templates, including quarterly national specific templates; and
iii)            the solvency and financial condition report.
 

In the section below the PRA provides information relating to the reporting schedules for the transitional and final phases.
 

Solvency II reporting schedules

In the transitional phase, December year end solo firms will supply Day 1 submissions by 20 May 2016 and Q1 2016 submissions by 26 May 2016. A PDF of the reporting schedule for a firm with a year end of 31 December is set out below.
The second PDF below sets out the reporting schedules for non-December year end firms throughout the three year transitional phase and illustrates a firms’ reporting timetable according to the firm’s year end date.
 
The dates have been provided by the PRA to assist firms in their preparedness for Solvency II but it remains a firm’s responsibility to liaise with their usual supervisory contact to confirm when interim reports are required to be submitted to the PRA.
 
NB: Where the reference or submission date falls on a weekend or Bank Holiday, the last prior business day will apply instead. The non-December year end reporting schedules were first made available in December 2014 and updated in January 2015. In December 2015, six of the reporting schedules were updated following the revisions to the Delegated Act and this is noted on the affected reporting schedule.
 
 


Update October 2016: Firms should be aware that on 6 July 2015, EIOPA published its “Final report on public consultation No. 14/052 on the implementing technical standards on the templates for the submission of information to the supervisory authorities “. In Section 2.44 of this document EIOPA confirms that the template S.29 is expected to be submitted to NSA only in 2018, referring to 2017

as, at that date, it would focus on the variation of excess over liabilities between 2016 and 2017.”

National Specific Templates (NSTs)

Update March 2017: On Thursday 9 March 2017 the PRA published a document with details of minor reference corrections to the NS.05, NS.07 and NS.09 LOG files and to the NST submission workbook to be read alongside the materials and templates below. The corrected NS.05, NS.07 and NS.09 LOG files and updated NST submission workbook have been updated in the table below.

Updates to National Specific Template (NST) firms submission workbook and LOG files

The PRA has produced NSTs to address those areas which stem from specific national requirements or specificities of local markets, which are otherwise not addressed in the set of Solvency II harmonised templates. On 19 December 2016, the PRA published PS38/16 'Solvency II: Reporting format of National Specific Templates and reporting clarifications' which contains rules and materials for the reporting of financial year end 2016 and future financial year ends.

Each Excel template has a corresponding log file which includes definitions on how to complete the templates. Readers should refer to the appropriate rules and supervisory statements to determine which templates they may need to submit.

Number and template name Template​ LOG file​
​NS.00 - Basic information
​NS.01 - With-profits value of bonus
NS.02​ - With-profits assets and liabilities
​NS.03 - Material pooling arrangements
​NS.04 - Assessable mutuals
​NS.05 - Revenue account life
​NS.06 - Business model analysis (life)
​NS.07 - Business model analysis non-life
​NS.08 - Business model analysis – financial guarantee insurers
​NS.09 - Best estimate assumptions for life insurance risks
​NS.10 - Projection of future cash flows (best estimate - non-life: liability claim types)
​NS.11 - Non-life claim development information (general liability sub-classes)
​NS.12 - The Society of Lloyd's solvency capital requirement
​NS.13 - The Society of Lloyd's minimum capital requirement

 

The NST Excel workbook is to be used for reporting templates NS.01-NS.11.

The NST Lloyd's Excel workbook is to be used for reporting templates NS.12 and NS.13.

The validation rules for these workbooks are detailed in BoE Insurance Validations v1.0.0. Please note, the validation rules are not implemented in the Excel workbooks used for reporting. Instructions for completing the Excel

spreadsheets are contained in the Bank of England Solvency II Filing Manual.

Standard formula SCR reporting templates for firms with an approved internal model

Update April 2017: On Tuesday 18 April 2017 the PRA published a document with details of minor corrections to the SF.01 template. The updated SF.01 template is available below.

Updates to SF.01 template

On 25 October 2016, in Supervisory Statement 15/16 ‘Solvency II: Monitoring model drift and standard formula SCR reporting for firms with an approved internal’ the PRA produced a technical package for standard formula reporting.

Internal model outputs 

Update February 2017: On 16 February 2017, the PRA published updates to two supervisory statements and amendments to templates and LOG files for Solvency II insurers. The templates and LOG files the PRA expects firms to use when submitting regulatory reports on their internal model outputs are set out below.

On 15 June 2016, the PRA published Supervisory Statement 25/15 ‘Solvency II: regulatory reporting internal model outputs’. The templates and log files that the PRA expects firms to use when submitting regulatory reports on its internal model outputs are set out below.

Template
number
Template
name
Template LOG file link
​IM.01 ​Internal
model risk
outputs (life)

 ​Life internal model risk outputs template

 Life internal model risk outputs log file

​IM.02 ​Internal model counterparty risk

​ Internal model counterparty risk template

 Internal model counterparty risk log file

​IM.03.01 - IM.03.11 ​Internal model outputs (non-life)

​ Non-life internal model outputs template

 Non-life internal model outputs log file

Solvency II: Data collection of market risk sensitivities

On 18 October 2017, the PRA publishedPS25/17 ‘Solvency II: Data collection of market risk sensitivities'. The associated SS7/17 sets out the PRA’s expectations in respect of the reporting of sensitivities of solvency position to various changes in market conditions by firms with material exposure to market risk. It is relevant to Solvency II insurance and reinsurance firms holding, or intending to hold, material quantities of assets exposed to market risk.

Firms in scope can report sensitivities to various changes in market risks half-yearly using the following template. The SS refers to the year end 31 December 2017: firms’ submissions of the completed templates will be the solo Quantitative Reporting Template reporting deadline plus four weeks, ie 18 March 2018 for the first submission.

The PRA will inform firms individually through their usual supervisory contacts whether they fall within the scope outlined above. Out of scope firms that would like to submit the information may do so after discussion with their usual supervisory contact.
 
Template name ​Template ​Instructions
​Market risk sensitivities data item ​​Market risk sensitivities data item ​Instructions to firms when completing the market risk sensitivities data item
 
Share