Solvency II: Group supervision

Supervisory Statement 9/15

Update 12 July 2018

SS9/15 was updated following publication of Policy Statement 17/18 ‘Solvency II: Group supervision’. Please note, the PRA has also published CP15/18 ‘Solvency II: Group own fund availability’ which sets out the PRA’s proposals to further amend SS9/15 for its expectations for assessments of the availability of own funds to cover the group solvency capital requirement.

This supervisory statement sets out the Prudential Regulation Authority’s (PRA’s) expectations in respect of the Solvency II groups provisions. The statement is addressed to UK Solvency II firms that are part of a group (and the Society of Lloyd’s as a mixed activity insurance holding company),  and should be read alongside all relevant European legislation, the Group Supervision Part of the PRA Rulebook and the high-level expectations outlined in the PRA’s approach to insurance supervision.

SS9/15 explains requirements regarding the following topics:
 
  • entities excluded from the scope of group supervision;
  • choice of calculation method;
  • group capital add-on;
  • centralised risk management;
  • single own risk and solvency assessment report;
  • single solvency and financial condition report;
  • responsibilities of the relevant insurance group undertaking; and
  • supervision in the absence of third-country equivalence.
Date of publication  Supervisory Statement  Update detail  Effective from 
Current version
12 July 2018  PDFSupervisory Statement UPDATE 9/15 - July 2018   Updated following PS 17/18 'Solvency II:Group supervision'  12 July 2018 
Past version 
20 March 2015  PDFSupervisory Statement 9/15 - March 2015   Published following PS2/15 'Solvency II:A new regime for insurers'  Updated by 12 July 2018 version 
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