Regulatory reporting: insurance sector

Insurance firms need to provide regulatory returns to the Prudential Regulation Authority (PRA). Find out more about the returns and how to report them.
  • 2018 updates

    Solvency II - Update 7 February 2018: The Bank of England Electronic Data Submission (BEEDS) user guide has been updated to incorporate changes that have been made as part of ongoing system maintenance, as well as important information regarding account practices. Solvency II firms that use the BEEDS portal should take the time to familiarise themselves with this document.

    PDF BEEDS portal user guide - Solvency II

    Update 11 January 2018: The PRA published Consultation Paper 2/18 ‘Changes in insurance reporting requirements’. This CP is the third and final consultation referred in the News Release of 25 October 2017. The CP is relevant to all UK Solvency II firms, Society of Lloyd’s and its managing agents and mutuals. In this CP, the 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.

    Solvency II - Update 8 January 2018: The Bank of England Electronic Data Submission (BEEDS) user guide has been updated to reflect system changes relevant to firms using the User Acceptance Testing (UAT) environment.

    PDF BEEDS portal user guide - Solvency II

    Solvency II - Update 8 January 2018: We published a Solvency II filing manual update. The Bank of England has now updated the Solvency II XBRL filing manual to help firms and software vendors create XBRL instance documents for Solvency II Pillar 3 reporting in light of the latest EIOPA Solvency II Taxonomy 2.2.0 update (the Bank will be adopting the Taxonomy 2.2.0 hotfix).

    This includes information about ad hoc submissions. All firms need to be aware of the potential use of the ‘ad hoc submission’ option in the basic information template {S.01.02, R0100} which will be fully functioning in the Solvency II Taxonomy 2.2.0. This will allow supervisors to request, receive and accept submissions including only specific template(s) or even selected data points. EIOPA has foreseen at least three special cases when ad hoc submissions may be required, see section 1.6.2 of the updated filing manual.

    PDF Solvency II XBRL filing manual

  • 2017 updates

    Solvency II - Update 7 December 2017: Principal users of the Bank of England Electronic Data Submission (BEEDS) portal received an email notifying them of the availability of a User Acceptance Testing (UAT) environment. The UAT environment incorporates Taxonomy 2.2.0 and is being made available for firms to test their Solvency II (annual/ quarterly/ financial stability) submissions in advance of making a legal submission to the BEEDS portal. The UAT environment will be available to firms from Monday 8 January 2017 to Friday 19 January 2018.

    Solvency II - Update 7 December 2017: The PRA published feedback to life insurers on how to improve data quality in the annual Solvency II quantitative reporting templates and national specific templates for 2017 year end reporting.

    PDFFeedback to life insurers to improve data quality for 2017 YE QRTs and NSTs

    Solvency II - Update 1 June 2017: The list of frequently asked questions (FAQs) was updated with a new question, H3, to reflect the PRA's recent response to the Association of British Insurers (ABI). 

    PDFPRA Solvency II Regulatory Reporting FAQs

    Solvency II - Update 29 March 2017: The list of frequently asked questions (FAQs) question H2 was updated to reflect EIOPA’s comment in recently published Q&A 802 in its Q&A on Regulation.

    Solvency II - Update 9 March 2017: On Thursday 9 March 2017 the PRA published a document with details of minor reference corrections to the NS.05, NS.07 and NS.09 LOG files and to the National Specific Template (NST) submission workbook to be read alongside the materials and templates below. The corrected NS.05, NS.07 and NS.09 LOG files and updated NST submission workbook have been updated in the table below.

    PDFUpdates to NST firms submission workbook and LOG files

  • 2016 updates

    Solvency II - Update October 2016: Firms should be aware that on 6 July 2015, EIOPA published its 'Final report on public consultation No. 14/052 on the implementing technical standards on the templates for the submission of information to the supervisory authorities.' In Section 2.44 of this document EIOPA confirms that the template S.29 is expected to be submitted to NSA only in 2018, referring to 2017 as, at that date, it would focus on the variation of excess over liabilities between 2016 and 2017.”

Euro-Sterling value for insurance regulatory purposes

The Sterling value of the Euro for insurance regulatory purposes for the 12 month period beginning 31 December 2017 is 87.853 pence. This value should be used for the calculation of capital resources requirements and will apply to the relevant regulatory returns that insurers are required to deposit under PRA rules. Further details are available in the capital resources requirements link below.

 

PDFEuro-Sterling value for insurance regulatory purposes

  

Solvency II firms

There are specific reporting requirements for firms under Solvency II. This section sets out information under the following areas: 

  1. Regulatory reporting:
    a. Pillar 3 reporting requirements
    b. Implementation phases and transitional measures
    c. Reporting schedules
    d. Reporting clarifications
    e. National Specific Templates (NSTs)
    f. Standard formula SCR reporting templates for firms with an approved internal model
    g. Internal model outputs
    h. Market risk sensitivities
  2. Taxonomy
  3. Industry working group
  4. Frequently Asked Questions
  5. How to report: BEEDS portal (Bank of England Electronic Data Submission portal)

1. Regulatory reporting

a) Pillar 3 reporting requirements

The Solvency II Pillar 3 regulatory reporting requirements came into force on 1 January 2016. Firms must produce two key reports:

  1. the Solvency and Financial Condition Report (SFCR): Firms are required to disclose this report publicly and to report it annually to the local National Competent Authority. The SFCR includes both qualitative and quantitative information.
  2. the Regulatory Supervisory Report (RSR): This is a private report to the supervisor and is not disclosed publicly. Firms submit this report to the local National Competent Authority in full at least every three years and in summary every year. The RSR includes both qualitative and quantitative information.

For more information see the European Insurance and Occupational Pensions Authority (EIOPA) Guidelines on Submission of Information to National Competent Authorities. In addition firms must comply with the PRA’s rules and expectations as set out in the PRA Rulebook and supporting policy.

b) Implementation phases and transitional measures

There are two distinct phases of regulatory reporting and each has different requirements. These are the transitional phase which is the three years following implementation on 1 January 2016, and the period following the transitional phase (from 1 January 2020).

Transitional measures for reporting and public disclosure are set out in Policy Statement 2/15 'Solvency II: a new regime for insurers' and the PRA Rulebook.

The transitional measures relate to:

  • the regular supervisory report and annual quantitative templates, including annual national specific templates
  • quarterly quantitative templates, including quarterly national specific templates
  • the solvency and financial condition report.

c) Reporting schedules

The following document sets out the reporting schedule for a firm with a year end of 31 December:

PDFPRA Solvency II reporting schedule: for firms with a year end of 31 December 

The following document sets out the reporting schedules for non-December year end firms throughout the three-year transitional phase (1 January 2016 to 1 January 2020):

PDFPRA Solvency II non-December year end reporting schedules 

We have provided these dates to help firms prepare for Solvency II but it remains a firm’s responsibility to liaise with their usual supervisory contact to confirm when we require interim reports to be submitted.

Where the reference or submission date falls on a weekend or bank holiday, the last business day before this will apply instead.  

Update October 2016: Firms should be aware that on 6 July 2015, EIOPA published its 'Final report on public consultation No. 14/052 on the implementing technical standards on the templates for the submission of information to the supervisory authorities.' In Section 2.44 of this document EIOPA confirms that the template S.29 is expected to be submitted to NSA only in 2018, referring to 2017 as, at that date, it would focus on the variation of excess over liabilities between 2016 and 2017.

d) Reporting clarifications

On 11 May 2016, the PRA set out the basis of the correct allocation to the lines of business, and in consequence some issues on the unbundling of contracts, that the PRA expects for reporting insurance contracts under employers' liability insurance and motor insurance. The information in the note below is based on the Solvency II Directors’ update letter of 14 July 2015 on employers' liability insurance and motor insurance which was issued to firms to enable their compliance with Solvency II by 1 January 2016.

This note is relevant to all firms in scope of Solvency II and to the Society of Lloyd’s and relates to the Implementing Technical Standards (ITS) on Supervisory Reporting.

PDFBusiness line reporting for employers' liability insurance and motor insurance, May 2016 

On 18 December 2015, the PRA set out the basis of preparation on which it will accept look through reporting for Collective Investment Undertakings under template S.06.03.

PDFBasis of preparation on which the PRA will accept look through reporting for Collective Investment Undertakings under S.06.03 

e) National Specific Templates (NSTs)

We have produced National Specific Templates (NSTs) to address those areas which stem from specific national requirements or specificities of local markets, which are otherwise not addressed in the set of Solvency II harmonised templates.

Each Excel template has a corresponding LOG file which includes definitions on how to complete the templates. You should refer to the appropriate rules and supervisory statements to determine which templates you may need to submit.

Update March 2017: On Thursday 9 March 2017 the PRA published a document with details of minor reference corrections to the NS.05, NS.07 and NS.09 LOG files and to the NST submission workbook to be read alongside the materials and templates below. The corrected NS.05, NS.07 and NS.09 LOG files and updated NST submission workbook have been updated in the table below.

PDFUpdates to NST firms submission workbook and LOG files 

 Number and template name Template  LOG file 
 NS.00 - Basic information  NS.00 template  NS.00 LOG file
 NS.01 - With-profits value of bonus  NS.01 template  NS.01 LOG file
 NS.02 - With-profits assets and liabilities  NS.02 template  NS.02 LOG file
 NS.03 - Material pooling arrangements  NS.03 template  NS.03 LOG file
 NS.04 - Assessable mutuals  NS.04 template  NS.04 LOG file
 NS.05 - Revenue account life  NS.05 template  NS.05 LOG file
 NS.06 - Business model analysis (life)  NS.06 template  NS.06 LOG file
 NS.07 - Business model analysis non-life  NS.07 template  NS.07 LOG file
 NS.08 - Business model analysis – financial guarantee insurers  NS.08 template  NS.08 LOG file
 NS.09 - Best estimate assumptions for life insurance risks  NS.09 template  NS.09 LOG file
 NS.10 - Projection of future cash flows (best estimate - non-life: liability claim types)  NS.10 template  NS.10 LOG file
 NS.11 - Non-life claim development information (general liability sub-classes)  NS.11 template  NS.11 LOG file
 NS.12 - The Society of Lloyd's solvency capital requirement  NS.12 template  NS.12 LOG file
 NS.13 - The Society of Lloyd's minimum capital requirement  NS.13 template  NS.13 LOG file

 

The NST Excel workbook is to be used for reporting templates NS.01 - NS.11.

The NST Lloyd's Excel workbook is to be used for reporting templates NS.12 and NS.13.

The validation rules for these workbooks are detailed in Bank of England Insurance Validations v1.0.0. Please note, the validation rules are not implemented in the Excel workbooks used for reporting. Instructions for completing the Excel spreadsheets are contained in the Bank of England Solvency II Filing Manual.

f) Standard formula SCR reporting templates for firms with an approved internal model

The technical package for standard formula reporting is available below.

ExcelTemplate SF01 

g) Internal model outputs

 Template number Template name  Template  LOG file link 
 IM.01  Internal model risk outputs (life)   IM.01 template  IM.01 LOG file
 IM.02  Internal model counterparty risk  IM.02 template  IM.02 LOG file
 IM.03.01 - IM.03.11  Internal model outputs (non-life)  IM.03.01 - IM.03.11 template  IM.03.01 - IM.03.11 LOG file

 

h) Solvency II: Data collection of market risk sensitivities

On 18 October 2017, the PRA published PS25/17 ‘Solvency II: Data collection of market risk sensitivities’. The associated SS7/17 sets out the PRA’s expectations in respect of the reporting of sensitivities of solvency position to various changes in market conditions by firms with material exposure to market risk. It is relevant to Solvency II insurance and reinsurance firms holding, or intending to hold, material quantities of assets exposed to market risk.

Firms in scope can report sensitivities to various changes in market risks half-yearly using the following template. The SS refers to the year end 31 December 2017: firms’ submissions of the completed templates will be the solo Quantitative Reporting Template reporting deadline plus four weeks, ie 18 March 2018 for the first submission.

The PRA will inform firms individually through their usual supervisory contacts whether they fall within the scope outlined above. Out of scope firms that would like to submit the information may do so after discussion with their usual supervisory contact.

Template name Template  Instructions 
 Market risk sensitivities data item  Market risk sensitivities data item Instructions to firms when completing the market risk sensitivities data item

 

2. Taxonomy

Below provides information on the Solvency II taxonomy as well as the Bank of England Insurance XBRL Taxonomy which should be used for regulatory submissions. It also contains a link to the Bank of England's Solvency II XBRL filing manual.

Bank of England Solvency II XBRL filing manual

We have produced the Solvency II XBRL filing manual to help firms and software vendors create XBRL instance documents for Solvency II Pillar 3 reporting.

There is a large degree of flexibility in the XBRL reporting standard and certain decisions have been taken to remove any ambiguity and uncertainty between firms and the Bank of England (and ultimately EIOPA). The filing manual describes the filing rules applicable to remittance of XBRL instance documents for Solvency II Pillar 3 reporting in the preparatory phase.

The aim of the document is to:

  • define filing rules that limit the flexibility of XBRL in construction of XBRL instance documents (in addition to rules defined in the XBRL specifications and EIOPA Solvency II XBRL taxonomy)
  • provide additional guidelines related to the filing of data in general or in specific cases
  • provide guidance on common issues found with Solvency II XBRL instance documents and how to resolve them.

3. Industry working group

The PRA holds a Solvency II regulatory reporting industry working group as a forum for the PRA and industry representatives to discuss technical and practical implementation challenges. The working group is not intended as a forum to discuss policy interpretation.

The industry working group first met in November 2013 to discuss the terms of reference and agree the scope of the industry working group. Further meetings have been held regularly since then and a note of each meeting is set out below.

Date Download meeting note 
 July 2017   PDFDownload PDF
 March 2017    PDFDownload PDF
 December 2016   PDFDownload PDF
 September 2016   PDFDownload PDF
 April 2016   PDFDownload PDF
 January 2016   PDFDownload PDF

 

For notes of previous meetings, please see The National Archives.

The National Archives

4. Frequently asked questions

The list of frequently asked questions (FAQs) has been put together by the PRA to help insurance firms with questions they may have on the submission of Solvency II information.

Firms should note that the preparation of the Solvency II templates should follow the requirements of the Delegated Regulation (EU) 2015/35 and the Implementing Technical Standards, which are directly binding on firms. When this document is read it is recommended it is done so in conjunction with the EIOPA guidance. Any subsequent comment by EIOPA could supersede any answer provided by the PRA in this document.

Technical queries on the reporting material should be presented to EIOPA through relevant trade bodies or alternatively directly to EIOPA using the Q&A form.

To raise further questions with the PRA, firms can contact:

  • their named supervisory contact
  • the PRA Firm Enquiries Function at PRA.FirmEnquiries@bankofengland.co.uk or 020 3461 7000
  • their relevant representative on the PRA regulatory reporting industry working group.

5. How to report: BEEDS

Firms will use the Bank of England Electronic Data Submission (BEEDS) portal to submit the required Solvency II regulatory returns.

Firms' CEOs will be asked to nominate a principal user who will be responsible for submitting their firm's Solvency II submissions via BEEDS. Principal users are provided with log in details for BEEDS, and additional users can then be set up. Materials are available below to help firms familiarise themselves with the BEEDS portal in time to make their submission by the relevant deadlines.

Key Resources

Resource name Download link
 BEEDS tutorial 1: uploading a file View video
 BEEDS tutorial 2: viewing validation errors View video 
BEEDS tutorial 3: plausibility response View video
 BEEDS tutorial 4: requesting a resubmission View video
 BEEDS tutorial 5: ad hoc returns View video 
BEEDS tutorial 6: forgotten password View video
 BEEDS tutorial 7: creating/editing users View video
BEEDS portal user guide  PDFDownload PDF
 BEEDS quick start guide  PDFDownload PDF


Non-Directive firms

Under Solvency II, non-Directive firms are, in general, those with gross premium income below €5 million and gross technical provisions of less than €25 million. These are not the only criteria that determine whether a firm is out of scope of Solvency II, so firms should therefore review Chapter 2 of the Insurance General Application Part of the PRA Rulebook where in doubt.

Non-Directive firms are subject to the rules in the Non-Solvency II firms sector of the PRA Rulebook which came into effect on 1 January 2016.

How to report

Firms are strongly encouraged to use the Bank of England Electronic Data Submission (BEEDS) portal to submit the required regulatory returns under the non-Directive firm regime.

Firms have been asked to nominate a principal user who will be responsible for making their firm's submissions to BEEDS. We will liaise with the firm’s nominated principal user for all matters related to BEEDS.

Any firm wishing to make secure submissions via the BEEDS portal that has not yet notified us should contact PRA.FirmEnquiries@bankofengland.co.uk.

Firms can also make submissions via email to insurancedata@bankofengland.co.uk

Forms and templates

The templates that firms are required to use are available below:

Template name Download link
 Non-Solvency II firm (except friendly societies) reporting templates  PDFDownload PDF
 Non-Solvency II firm (friendly society) reporting templates  PDFDownload PDF

 

Friendly societies

Friendly societies are categorised as either 'directive' or 'non-directive', depending on whether they are subject to the EU Life/Non-Life Directives. A friendly society is classified as non-directive if it falls into one of the six categories defined by the PRA Rulebook. Otherwise it is classified as a directive friendly society. Directive friendly societies are generally larger than non-directive friendly societies.

Directive friendly societies

Directive friendly societies are treated exactly the same as insurance companies from a regulatory reporting perspective and their reporting requirements are governed by the Solvency II Reporting Part of the PRA Rulebook.

Non-directive societies

For non-directive societies, a valuation return is required in addition to a copy of the annual accounts. The valuation return will differ depending on whether the non-directive society is incorporated or unincorporated under the Friendly Societies Act 1992.

Non-directive incorporated societies are required to submit an annual valuation return on long-term business (FSC1) and a triennial valuation return on general business (FSC3) within six months of their year-end.

Non-directive unincorporated societies are required to submit a triennial valuation (FSC2) alongside their annual accounts, within six months of their year-end.

Finally an FSC4 is required from all non-directive societies in the years between each triennial return, ie in-between FSC2 returns for incorporated societies and in-between FSC3 returns for the general business of incorporated societies.

How to report

Returns can be submitted electronically to insurancedata@bankofengland.co.uk. A signed paper copy must also be sent to Regulatory Data Group, Statistics and Regulatory Data Division (TS05 B-D), Bank of England, Threadneedle Street, London EC2R 8AH

Contact us

If you have any queries on regulatory reporting for insurance firms, please contact the Firm Enquiries Team:

Phone: 020 3461 7000
Email: PRA.FirmEnquiries@bankofengland.co.uk

Historical information and materials for insurance reporting are available on The National Archives.

The National Archives

Technical queries about the GABRIEL system are handled by the Financial Conduct Authority (FCA). Firms experiencing systems issues should contact the FCA Contact Centre in the first instance on 0845 606 9966.

GABRIEL

This page was last updated 16 February 2018
Was this page useful?
Add your details...