Covid-19 regulatory reporting amendments

This statement outlines the PRA’s approach to regulatory reporting for UK insurers in response to Covid-19 and EIOPA’s ‘Recommendations on supervisory flexibility regarding the deadline of supervisory reporting and public disclosures – coronavirus/Covid-19’, published on 20 March 2020.
Published on 23 March 2020

Solvency II harmonised reporting

The PRA has considered EIOPA’s recommendations and will accept the following delays for the following aspects of harmonised regulatory reporting:

Annual reporting (31 December 2019 year-end or a year-end after that date but before 1 April 2020)

Solo level annual Quantitative Reporting Templates

Except for:

  • Contents of submission (S.01.01)
  • Basic Information  (S.01.02)
  • Balance sheet (S.02.01)
  • Cash-flow projections for life business (S.13.01)
  • LTG (S.22.01)
  • Own funds (S.23.01)
  • SCR calculation (S.25.01 to S.25.03)

Up to 8 weeks delay

 

Up to 2 weeks delay

Group level annual Quantitative Reporting Templates

Except for:

  • Contents of submission (S.01.01)
  • Basic Information  (S.01.02)
  • Balance sheet (S.02.01)
  • LTG (S.22.01)
  • Own funds (S.23.01)
  • SCR calculation (S.25.01 to S.25.03)
  • Undertakings in the scope of the group (S.32.01)

Up to 8 weeks delay

 

Up to 2 weeks delay

Solvency & Financial Condition Report (SFCR)

The Covid-19 situation is to be considered a “major development” as per Article 54(1) of the Solvency II Directive. The information relating to the effect of Covid-19 should be published at the same time as the SFCR.

Up to 8 weeks delay

Regulatory Supervisory Report (RSR)

Not required for year-end 2019

Own Risk & Solvency Assessment (ORSA)

Up to 8 weeks delay

Quarterly reporting (Q1 2020-end occurring 31 March or after that date but before 30 June 2020)

Solo and group level Q1 2020 Quantitative Reporting Templates and Quarterly Financial Stability reporting

Up to 4 weeks delay

PRA-owned regulatory reporting

The PRA will accept the following delays for the following aspects of PRA-owned regulatory reporting:

Annual reporting (31 December 2019 year-end or a year-end after that date but before 1 April 2020) 
National Specific Templates Up to 8 weeks delay 
Internal model outputs  Up to 8 weeks delay
Standard formula reporting for firms with an approved internal model (SF.01)  Up to 8 weeks delay 
Market Risk Sensitivitiesa  Up to 4 weeks delaya 

a31 December year-end firms have generally submitted this information, in which case no further action is needed.

Firms are able to submit anytime from the original submission date up to the end of the extended deadline window as per the tables above. Where reporting submissions are comparatively well-progressed, the PRA encourages firms to submit them earlier in the windows to the extent possible.

Firms should note the Technical Annex within the EIOPA recommendations document, and in particular that any subsequent submissions shall include all previously submitted templates for that period to avoid submissions being overwritten. Corresponding external audit deadlines are also extended to accommodate the above.

Corresponding external audit deadlines are also extended to accommodate the above.

Was this page useful?
Add your details...