This supervisory statement (SS) is addressed to all UK firms that fall within the scope of Solvency II, and the Society of Lloyd’s. It sets out the Prudential Regulation Authority’s (PRA’s) expectations of firms regarding their own risk and solvency assessment (ORSA).
This SS contains PRA expectations of firms regarding their ORSA, including the ORSA report, the firm’s policy regarding its ORSA and the associated processes. This SS should be read together with SS41/15, ‘Solvency II: applying EIOPA Set 2, System of Governance, and ORSA Guidelines’, the PRA’s rules in the Solvency II Sector of the PRA Rulebook, and the PRA’s approach to insurance supervision document.
For non-life firms, this SS should be read together with the SS26/15, ‘ORSA and the ultimate time horizon – non-life firms’.