In its Business Plan 2017/18, the Prudential Regulation Authority (PRA) set out that it would undertake work to streamline its Solvency II major model change and other applications processes without compromising the need for firms to continue to meet tests and standards of the regime. As part of this assessment, the PRA has investigated:
a. the time it has taken to assess model change applications approved since the implementation of Solvency II on 1 January 2016;
b. how firms had completed the Common Application Package (CAP) when making model change applications; and
c. how firms have defined model changes in model change policies.
The PRA has also reviewed quarterly (or more frequent) model change reporting.