In this consultation paper (CP), the Prudential Regulation Authority (PRA) sets out proposals to update Supervisory Statement (SS) 9/15 ‘Solvency II: group supervision’. The proposals in this CP follow on from CP20/16 ‘Solvency II: consolidation of Directors’ letters’, published in May 2016.
The consultation is relevant to all insurance firms within the scope of the Directive and to Lloyd’s.
Summary of proposals
The proposals in this CP are intended to clarify for firms which aspects of the PRA’s letter ‘Solvency II: An update on implementation’ published on 25 July 2014 on group supervision are now intended to have effect as ongoing supervisory expectations. The CP also includes proposals to address elements of the Solvency II legislation introduced after the publication of the relevant letters; including the Solvency 2 Regulations 2015 and to update it with references to the PRA Rulebook.
These proposals will result in the consolidation of PRA expectations in respect of Solvency II group supervision, as they are intended to be implemented in the form of an update to the current SS9/15.
This consultation closed on Tuesday 7 February 2017.