SS5/14 – Solvency II: calculation of technical provisions and the use of internal models for general insurers

Supervisory statement 5/14

First published on 25 April 2014

Background

This supervisory statement sets out the PRA’s expectations of general insurers in relation to the calculation of technical provisions and the use of internal models.

The statement expands on the PRA’s general approach as set out in its insurance approach document. As part of the PRA’s preparations for the Solvency II regime, this statement seeks to ensure that firms set an adequate level of technical provisions and hold sufficient capital. The PRA’s consultation on this supervisory statement closed on 14 April 2014. 

This statement is intended to apply to all general insurers within the scope of Solvency II.

Supervisory statement 5/14

Future version

Published on 28 February 2024. Effective from 31 December 2024.

- Following PS2/24 – Review of Solvency II: Adapting to the UK insurance market