Published on 15 June 2015
This supervisory statement is of interest to UK solo insurance firms within the scope of Solvency II that carry out non-life business, and to the Society of Lloyd’s in respect of each of their Syndicates and in respect of outputs of the Lloyd’s internal model.
It sets out the PRA’s expectations of how non-life firms should identify and manage all risks to which their business could be exposed over the long and short term. This enables firms to assess their ability to meet obligations to policyholders in the event that the firm decides to cease writing business beyond that which it plans to write over the next twelve months, and to meet those obligations in stressed conditions.
SS26/15 was consulted on in CP24/14 'Solvency II: further measures for implementation', appendix 6.