This consultation seeks views from general insurers on a draft supervisory statement which sets out the PRA’s (Prudential Regulation Authority) expectations 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.
This statement is intended to apply to all general insurance firms within the scope of Solvency II.
The consultation closed on Monday 14 April 2014.