First published on 20 March 2015
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.