23 September 2020: The FCA has announced that the first firms will start moving to the new data collection platform, RegData, which replaces Gabriel. Firms will be moving gradually in stages, and PRA firms are not expected to migrate to the new system until 2021. Please read the FCA news release for further information.
15 December 2020: We published a letter from Anna Sweeney and Charlotte Gerken on ‘Insurance Supervision: 2021 Priorities’ to Chief Executive Officers of PRA regulated Insurance firms.
4 September 2020: We published Policy Statement 20/20 ‘Responses to Chapters 2 to 7 of CP3/20 ‘Occasional Consultation Paper’’, relevant to all PRA-authorised firms. For the insurance sector, this includes amendments to:
The changes to Insurance Company – Mathematical Reserves come into effect on Friday 4 September 2020. The changes SMR forms come into effect on Sunday 25 October 2020. All other changes come into effect on Monday 30 November 2020.
4 September 2020: We published v1.2.0 of the Bank of England Insurance taxonomy, which supports National Specific Templates (NSTs), Internal Model Outputs (IMO), Market Risk Sensitivities (MRS) and Standard Formula Reporting (SFR) reporting. We also updated the Solvency II XBRL filing manual. This follows Policy Statement (PS) 20/20 ‘Responses to Chapters 2 to 7 of CP3/20 ‘Occasional Consultation Paper’’, published on Friday 4 September 2020. This will take effect from Monday 30 November 2020. For more information, please see the Technical artefacts and support section below.
13 July 2020: We published a public working draft (PWD) of version 1.2.0 of the Bank of England Insurance taxonomy to support National Specific Templates (NSTs), Internal Model Outputs (IMO), Market Risk Sensitivities (MRS), and Standard Formula Reporting (SFR) reporting. The taxonomy, data point model (DPM) dictionary, annotated templates, and validation rules represent the requirements for Solvency II as set out in CP3/20 ‘Occasional Consultation Paper’. We invite feedback, particularly from firms and software vendors, on the PWD technical artefacts by Monday 27 July 2020. We will aim to publish the final version of the taxonomy and DPM in September 2020. See Technical artefacts and support section for more information.
1 July 2020: We published a letter from Sam Woods to all PRA-regulated firms on ‘Managing climate-related financial risk – thematic feedback from the PRA’s review of firms’ SS3/19 plans and clarification of expectations’. We also published a speech by Sarah Breeden ‘Leading the Change: Climate Action in the Financial Sector’.
29 June 2020: It has come to our attention that the FCA address on the notification form, which is used by firms to notify the PRA and FCA when a notifiable event occurs or is deemed likely to occur, is incorrect. We are aware of this error and will consult on updating the form in due course. For notifications to the FCA, please see the revised version of the form, with the correct FCA address, at SUP 15 Ann 4 R in the FCA Handbook.
22 June 2020: The FCA has announced that the new data collection platform to replace Gabriel will be called RegData. The FCA explained what firms should expect and what they will need to do before they are moved to RegData. PRA firms are not expected to migrate to the new system for submission of returns until 2021.
28 May 2020: We have identified the list of Internationally Active Insurance Groups (IAIGs) headquartered in the UK as follows:
- Aviva plc
- Legal & General Group Plc
- British United Provident Association Limited
- RSA Insurance Group plc
IAIGs are the focus of the International Association of Insurance Supervisors (IAIS) Common Framework for the Supervision of Internationally Active Insurance Groups (ComFrame). We have identified UK IAIGs in accordance to the criteria set out in ComFrame (CF 23.0.a and CF 23.0.b) for the purpose of the Insurance Capital Standard (ICS) version 2.0 for the Monitoring Period. The Monitoring Period is intended as a period of stability during which the IAIS will monitor the performance of the ICS. It is not intended for monitoring the capital adequacy of IAIGs (ie the ICS will not trigger supervisory actions, and IAIGs need not manage their business to the ICS), or for third party use.
This list is for informational purposes and should be used only in conjunction with ComFrame. This list may be subject to change.
26 March 2020: We published CP3/20 ‘Occasional Consultation Paper – March 2020’ which contains proposals for minor updates to National Specific Templates (NSTs) and associated LOG files, and the market risk sensitivities data item and associated instructions.
16 March 2020: We published PS7/20, ‘Solvency II: Adjusting for the reduction of loss absorbency where own fund instruments are taxed on conversion’, which includes final policy on the PRA’s expectation that insurers would deduct from their own funds the maximum tax charge before set off of any prior year losses (the tax charge) generated on conversion of a restricted Tier 1 (rT1) capital instrument.
This policy came into effect on Monday 16 March 2020, and is relevant to UK insurance firms within the scope of Solvency II, the Society of Lloyd’s, and firms that are part of a Solvency II group that will determine and classify capital instruments under the Solvency II own funds regime, together with their advisors.
15 January 2020
: The Bank of England and Prudential Regulation Authority (PRA) are preparing to publish regular, aggregated data relating to the UK Insurance market on a quarterly basis. We published a ‘call for feedback
’ to inform potential users of such data and the proposed content and presentation, and to invite comment and feedback that may help shape the publication.