Update 6 July 2018
Following publication of Policy Statement 16/18, this SS was updated to include the following paragraphs: 3.6(A) and 3.6(B) relating to the timing when resuming reporting. The PRA clarified that should a waiver be revoked by the PRA, the PRA expects that firms will resume reporting within six months from the initial notification, unless there are specific circumstances where such a delay would not be appropriate. Should a waiver expire and not be reviewed by the firm to the PRA reporting should resume at the next scheduled reporting date.
The following paragraphs were amended: 3.1, 3.2, 3.6, 3.7 and 3.8 to reflect that the PRA will grant Category 4 and 5 firms the limitation of regular supervisory reporting where the predefined submission is less than one year via a rule waiver.
The changes to this SS will take effect for firms' quarter 3 reporting period 2018 onwards.
Published on 20 March 2015
This supervisory statement clarifies the PRA’s implementation of the Solvency II regime’s requirements in relation to supervisory reporting. The statement is addressed to all UK Solvency II firms and to Lloyd’s, and should be read alongside all relevant EU legislation, and the Reporting Part of the Prudential Regulation Authority (PRA) Rulebook.
- lists the reporting requirements that are subject to this exemption; and
- explains the steps a firm must take to apply for the exemption, and how the decision will be communicated to the firm.
