This consultation paper (CP) seeks views on two draft supervisory statements: internal model reporting codes and components; and life product codes. The CP is of interest to all UK insurance firms and groups within the scope of Solvency II and to the Society of Lloyd’s.
Background: Draft supervisory statement on internal model reporting codes and components
This draft supervisory statement sets out how the PRA expects internal model and partial internal firms to derive the ‘unique number of component’ for each component of the internal model. The PRA expects that firms will send proposals for their components after the publication of the final supervisory statement (2015-Q3). It will accept comments earlier with the understanding that the components cannot be finalised until after the publication of the final supervisory statement.
Background: Draft supervisory statement on life product codes
This draft supervisory statement sets the list of codes which the PRA expects firms to use when reporting information on life business or annuities stemming from non-life business at product level. The products have been divided into main categories, which are similar to the categories used by Association of British Insurers (ABI) for its new business data collection
- investment and savings:
- individual pensions;
- corporate pensions;
- protection; and
This consultation closed on Friday 10 July 2015.