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.

Latest updates

17 July 2019: We published a public working draft (PWD) of version 1.1.0 of the Bank of England Insurance XBRL taxonomy to support collection of the proposed changes to National Specific Templates (NSTs), internal model output (IMO), market risk sensitivities (MRS) and standard formula (SF) reporting, alongside related technical artefacts. The taxonomy, data point model (DPM) dictionary, annotated templates and validation rules represent the requirements for Solvency II as set out in CP13/19 ‘Occasional Consultation Paper’. We invite feedback, particularly from firms and software vendors, on the PWD of the taxonomy and DPM artefacts by Wednesday 7 August 2019. We will aim to publish the updated Insurance XBRL taxonomy by the end of October 2019. See the Technical artefacts and support section below for more information.

16 July 2019: The Financial Conduct Authority (FCA) announced a new platform to improve the way data is collected from firms, which will include replacing Gabriel. See the FCA’s website for more information on upcoming work on this platform, including a survey for users of Gabriel to help the FCA shape their thinking.

7 June 2019: We published CP13/19 ‘Occasional Consultation Paper’ which contains proposals for minor updates, corrections and clarifications to National Specific Templates (NSTs), internal model output templates, and associated LOG files. 

During the consultation period, we will be issuing a Public Working Draft (PWD) of the taxonomy update to support collection of the proposed changes to NSTs, internal model output, market risk sensitivities (MRS) and standard formula (SF) reporting. The PWD will include the interaction of these changes with the draft EIOPA Taxonomy 2.4 changes. The PRA plans to give firms no less than three weeks to review the PWD.

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 2018 is 88.873 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

1. Regulatory reporting

Harmonised reporting (QRTs and Pillar 3 reporting requirements)

a) 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.

b) 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.  

c) Reporting clarifications

On Wednesday 20 February, we published PS4/19 ‘Solvency II: Adjusting for the reduction of loss absorbency where own fund instruments are taxed on write down’, and an updated SS3/15 ‘Solvency II: The quality of capital instruments’. This includes a reporting clarification that sets out the basis of how firms can report restricted tier 1 (rT1) instruments in own funds that are classified as equity instruments under International Financial Reporting Standards (IFRS). This note also includes a clarification on how firms can report externally issued, equity accounted rT1 instruments which write down on trigger and are within scope of PS4/19.

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.

PDF Reporting the reduction in loss-absorbing capacity of own fund instruments that are taxed on write down 

On 11 May 2016, we set out the basis of the correct allocation to the lines of business, and in consequence some issues on the unbundling of contracts, that we expect 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, we set out the basis of preparation on which we 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 

d) 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 Regular 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 our rules and expectations as set out in the PRA Rulebook and supporting policy.

e) Legal Entity Identifiers

EIOPA published its Guidelines on the use of Legal Entity Identifiers (LEIs) in September 2014, (EIOPA BoS-14-026). The Guidelines recommend that LEI codes should be used as unique identification codes for all institutions under our supervisory remit. We intend to comply with these Guidelines.

In the UK, LEI codes are allocated and maintained by the London Stock Exchange, which has been endorsed by the UK’s Regulatory Oversight Committee (ROC) as an authorised Local Operating Unit (LOU) for the UK. 

We requested all firms within the scope of Solvency II to request an LEI code by 30 June 2015, while all other insurers should have requested an LEI code by 30 June 2016. 

For firms that are part of a group, we request that all entities within the group obtain an LEI code, including holding and dormant companies. We acknowledge that this may prove burdensome for some firms, however believe there are important advantages of using LEI codes for regulatory reporting across borders and the financial industry. 

Should entities within a firm’s group be unable to obtain LEI codes, we suggest the firm follow EIOPA’s instructions on p84 of its document titled ‘Navigating through the Solvency II reporting and disclosure package: Note accompanying the public consultation on the Guidelines and ITS’ which states:

‘For non-EEA undertakings and non-regulated undertakings within the group, identification code provided will be provided by the group. When allocating an identification code to each non-EEA or non-regulated undertaking, it should comply with the following format in a consistent manner: identification code of the parent undertaking + ISO 3166-1 alpha-2 code of the country of the undertaking + 5 digits.’

When a code constructed in this manner is used within the reporting templates, the ‘Type of Code of Undertaking’ should be recorded as a ‘specific code’ rather than an LEI.

We request all firms to notify their usual supervisory contact to confirm that an LEI code has been requested, as appropriate.

PRA reporting

f) 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.

8 April 2019: We published a document to address inconsistencies in the NS.07 template, and assist firms in their submission for year-end 2018. Specifically, it has been identified that in template NS.07 for rows R0420, R0430, R0435, R1710, R1720, R1730, R1930, and R1945, there are some inconsistencies between the NS.07 LOG and the NS.07 template, and within the NS.07 template between the reporting period and the plan years. When submitting NS.07, firms should read the NS.07 LOG file alongside the information provided in the ‘Interpretation of the National Specific Template NS.07 LOG file for 2018YE reporting only’ document below.

*Interpretation of the National Specific Template NS.07 LOG file for year-end 2018 reporting only

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 Statement 6/18 ‘Solvency II: National Specific Templates LOG files’ to determine which templates you may need to submit.

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

*Interpretation of the National Specific Template NS.07 LOG file for year-end 2018 reporting only

g) Internal model outputs

The templates and LOG files outlining the relevant information requested for internal model output reporting are available below. Please see Supervisory Statement (SS) 25/15 'Solvency II: regulatory reporting internal model outputs' and SS26/15 'Solvency II: ORSA and the ultimate time horizon - non-life firms'.

Template number Template name Template LOG file link
 IM.01  Internal model risk outputs (life)  IM.01 template (XLSX) IM.01 LOG file (PDF)
 IM.02  Internal model counterparty risk IM.02 template (XLSX) IM.02 LOG file (PDF)
 IM.03.01 - IM.03.11  Internal model outputs (non-life) IM.03 - IM.03.11 template (XLSX) IM.03 - IM.03.11 LOG file (PDF)

h) Solvency II: Data collection of market risk sensitivities

On 18 October 2017, we published Policy Statement 25/17 ‘Solvency II: Data collection of market risk sensitivities’. The associated Supervisory Statement 7/17 'Solvency II: Data collection of market risk sensitivities' sets out our 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.

We 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 (XLSX) Instructions to firms when completing the market risk sensitivities data item (PDF)

i) Standard formula SCR reporting templates for firms with an approved internal model (SF.01) 

The template outlining the relevant information requested for standard formula reporting is available below. Please see Supervisory Statement 15/16 ‘Solvency II: Monitoring model drift and standard formula SCR reporting for firms with an approved internal model’ for more information.

ExcelTemplate SF01 

j) Quarterly minor model change reporting for firms with an approved internal model

On 13 July 2018 we published Quarterly Model Change reporting template QMC01 and QMC01 LOG file in an update to in an update to Supervisory Statement 17/16 ‘Solvency II: internal models – assessment, model change and the role of non-executive directors’.

2. Technical artefacts and support

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.

Version 1.1.0 Bank of England Insurance XBRL taxonomy feedback request

On Wednesday 17 July 2019 we published a public working draft (PWD) of version 1.1.0 of the Bank of England Insurance XBRL taxonomy to support collection of the proposed changes to National Specific Templates (NSTs), internal model output (IMO), market risk sensitivities (MRS) and standard formula (SF) reporting, alongside related technical artefacts. The taxonomy, data point model (DPM) dictionary, annotated templates and validation rules represent the requirements for Solvency II as set out in CP13/19 ‘Occasional Consultation Paper’.

We invite feedback, particularly from firms and software vendors, on the PWD technical artefacts to uktaxonomypwdfeedback@bankofengland.co.uk by Wednesday 7 August 2019. This PWD should not be used for reporting. We will aim to publish the final version of the taxonomy and DPM by the end of October 2019.

Bank of England Insurance DPM and XBRL taxonomy

This taxonomy, data point model (DPM) dictionary, annotated templates and validation rules covers the requirements for reporting of internal model output (IMO), market risk sensitivities (MRS), National Specific Templates (NSTs), and standard formula reporting for firms with an approved internal model (SF.01).

This taxonomy follows Policy Statement (PS) 21/18 ‘Solvency II: Changes to reporting format’ and PS24/18 ‘Solvency II: Updates to internal model output reporting’.

The taxonomy, data point model (DPM) dictionary, annotated templates and validation rules represent the reporting requirements as set out in: 

DPM and XBRL taxonomy v1.0.0

The DPM extends EIOPA's Solvency II version 2.3.0 dictionary.

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. 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 are 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

4. Frequently asked questions

We have put together the list of frequently asked questions (FAQs) 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.

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:

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

All non-Directive friendly societies are required to submit their annual accounts within six months of their year-end. In addition, all societies except flat rates benefits business friendly societies and partnership pension societies must submit a triennial valuation (FSC2) and an FSC4 in the years between each triennial return.

How to report

Firms are strongly encouraged to use the Bank of England Electronic Data Submission (BEEDS) portal to submit the required regulatory returns.

Firms are 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.

Alternatively, 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.

Industry working group

We hold a Solvency II regulatory reporting industry working group as a forum for industry representatives to discuss technical and practical implementation challenges with us. 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.

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

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

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 0300 500 0597.

GABRIEL

Working with the Financial Conduct Authority

We work with the Financial Conduct Authority (FCA) to make sure the regulatory reporting processes for dual-regulated firms are efficient. We want to ensure that firms are only asked to submit data sets once and, to help achieve this, we will share data where it is appropriate to do so. We will also share data on firms that are not dual-regulated where necessary, to ensure that we each have a complete view of the market.

A memorandum of understanding between the FCA and the Bank of England (exercising its prudential regulation functions) sets out how we will work together.

The Memorandum of Understanding obliges us to consult each other on changes to data/forms that are collected regularly, including the use of shared data definitions; and, the management of data systems to allow for efficient sharing. 

Much regulatory data for PRA firms continues to be collected by the FCA. This includes reporting via the FCA’s GABRIEL system, the submission of firms’ controllers and close links reports and the reporting of changes to firms’ standing data.

Statistical reporting obligations have not changed.

This page was last updated 18 July 2019
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