Published on 6 July 2018
Changes in insurance reporting requirements - PS16/18
This Prudential Regulation Authority (PRA) Policy Statement (PS) provides feedback to responses to Consultation Paper (CP) 2/18 ‘Changes in insurance reporting requirements’. It also contains the PRA’s final policy, as follows:
- amendments to the Reporting Part of the PRA Rulebook (Appendix 1);
- Supervisory Statement (SS) 6/18 ‘National Specific Templates LOG files’ (Appendix 2);
- updated SS11/15 ‘Solvency II: Regulatory reporting and exemptions’ (Appendix 3); and
- amendments to the Change in Control Part of the PRA Rulebook (Appendix 4).
This PS is relevant to all UK Solvency II firms, the Society of Lloyd’s and its managing agents and mutuals.
Feedback on consultation responses
After considering the responses, the PRA has made minor amendments to the draft rules and LOG files to provide further clarity on completion of the relevant National Specific Templates (NSTs). The PRA considers that the above changes enhance the clarity of the final rules and will therefore reduce the burden on firms relative to the original proposal in the CP. Chapter 2 of this PS summarises the issues raised by respondents and provides further details of the changes.
The policy relating to NSTs will take effect for all financial year-ends on, or after, Monday 31 December 2018.
The modification by consent for Category 4 and 5 firms (introduced in the updated SS11/15) will apply from quarter 3 2018 onwards.
The policy relating to Annual Controller Reports submitted by mutuals will apply from Saturday 1 September 2018.
Appendix 1: Amendments to the Reporting Part of the PRA Rulebook
Appendix 2: SS6/18 ‘National Specific Templates LOG files’
Appendix 3: SS11/15 UPDATE ‘Solvency II: Regulatory reporting and exemptions’
Appendix 4: Amendments to the Change in Control Part of the PRA Rulebook
The modification by consent is available on the Authorisations – Waivers and modifications of rules page.
Published on 11 January 2018
Changes in insurance reporting requirements - CP2/18
In this consultation paper (CP), the Prudential Regulation Authority (PRA) proposes a number of regulatory reporting changes designed to reduce the burden for Solvency II firms and mutuals whilst maintaining the PRA’s ability to meet its statutory objectives and to supervise firms.
The CP is relevant to all UK Solvency II firms, Society of Lloyd’s and its managing agents and mutuals.
Summary of proposals
The proposals in this CP have been developed by the PRA as part of its work on adjustments to the insurance prudential framework in light of experience following the UK’s implementation of Solvency II, including areas recommended for reform by the Association of British Insurers (ABI) and discussed with the Treasury Committee (see News Release, 25 October 2017).
Responses and next steps
This consultation closed on Friday 13 April 2018. The PRA invites feedback on the proposals set out in this consultation. Please address any comments or enquiries to firstname.lastname@example.org.