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Home > Prudential Regulation Authority > Regulatory reporting
 

Regulatory reporting





Regulatory reporting  |  
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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. 
 

Solvency II regulatory reporting schedules

There are three distinct phases of Solvency II regulatory reporting and each has different requirements. The three phases are the:

  1. preparatory phase, the period before the full Solvency II regulatory reporting requirements came into effect on 1 January 2016;
  2. transitional phase which is the three years following implementation on 1 January 2016; and
  3. the period following the transitional phase where the Solvency II provisions apply in full (from 1 January 2020).
 
On this page the PRA provides information relating to the reporting schedules for the transitional and final phases and sets out: 
 
  • full reporting schedules for all firms, including those with financial year ends other than 31 December;
  • information on when submissions are expected throughout the Solvency II transitional phase which includes reference dates for firms’ regular annual and quarterly submissions; and
  • reference dates for the regulatory reporting requirements for Solvency II Day 1 returns.

Transitional measures

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:
 
  • the regular supervisory report and annual quantitative templates, including annual national specific templates;
  • quarterly quantitative templates, including quarterly national specific templates; and
  • the solvency and financial condition report.

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.
 
 
 
 
Solvency II reporting in 2016
Firms that submitted in 2016 for the first time 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. 
 
 
 

National Specific Templates (NSTs)

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. The PRA consulted on NSTs and the final policy was published on 20 March 2015 in Appendix 3 of PS2/15 ‘Solvency II: a new regime for insurers’, see Related Links.

The PRA also published the final Supervisory Statement 25/15 ‘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.

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