Reporting instructions for non Solvency II firms (except friendly societies)

Supervisory Statement 14/16

Published on 10 October 2016

Overview

This supervisory statement sets out the Prudential Regulation Authority’s (PRA) expectations regarding the completion of the regulatory reporting requirements detailed in the Insurance Company – Reporting Part of the PRA Rulebook. This statement is applicable to insurance firms that are outside the scope of Solvency II and are not friendly societies (these firms are described as non-Directive insurance firms).

The guidance on completing data items is set out in a series of appendices to this supervisory statement.

Response to feedback to Consultation Paper (CP) 18/16

This statement was consulted on in Consultation Paper (CP)18/16 ‘Reporting requirements for non-Solvency II insurance firms’ (see related links).

CP18/16 included a draft supervisory statement in Appendix 3 that set out the PRA’s expectations regarding the completion of the regulatory reporting requirements for non-Directive insurance firms. The PRA received no responses to the proposals in this part of the CP. However, the PRA has made amendments to the draft supervisory statement to:

identify the rules which should be read in conjunction with the supervisory statements;
clarify the PRA’s expectation of firms regarding the use of supplementary notes; and
align the style and structure of the supervisory statement with other similar PRA reporting instructions.

The changes made did not result in a change to PRA policy and therefore no additional burden to non-directive insurance firms.

The PRA considers that the changes made from the draft SS will not result in the impact on mutuals differing to the impact on other firms. Nor do they represent material changes resulting in the need for further cost benefit analysis.

Supervisory Statement 14/16