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.