Featured Product

    PRA Consults on Audit of Public Disclosure Requirement for Solvency II

    April 11, 2018

    PRA published the consultation paper CP8/18 related to the external audit of the public disclosure requirement under Solvency II. CP8/18 sets out the PRA proposal to amend the rule that requires the external audit of parts of the Solvency and Financial Condition Report (SFCR). PRA proposes that any amendments would be effective for financial years ending on, or after, November 15, 2018. Comments are requested by July 11, 2018.

    SFCR is the key public disclosure under Solvency II and is intended to enhance transparency and comparability, through the disclosure of essential information on the solvency and financial condition of a firm. PRA estimates that the proposed amendments would remove the SFCR external audit requirement from the end of 2018, for more than 150 smaller UK Solvency II firms (including mutuals) and groups. PRA considers that this change would improve the proportionality of the requirement. PRA developed the proposals in CP8/18 as part of its work on reviewing aspects of the insurance prudential framework, in light of its experience following the implementation of Solvency II in the UK.

    PRA first consulted on the requirement for elements of SFCR to be subject to external audit in CP43/15 and CP23/16. Then, it made the rule with effect for financial years ending on or after November 15, 2016. Following the implementation of the rule and the first year of public disclosure, PRA collected quantitative data from UK Solvency II firms on audit costs incurred and met with stakeholders such as audit firms, investors, insurers, and insurance trade bodies. In light of the findings, PRA made the proposals in CP8/18. CP8/18 is relevant for all UK Solvency II firms (including mutuals), auditors, and users of SFCRs. 

     

    Related Links

    Comment Due Date: July 11, 2018

    Keywords: Europe, UK, Insurance, Solvency II, SFCR, External Audit, Public Disclosure Requirement, CP8/18, PRA

    Featured Experts
    Related Articles
    News

    APRA Revises Standard on Margin Rules for Uncleared Derivatives

    APRA revised CPS 226, which is the prudential standard on margin and risk mitigation requirements for non-centrally cleared derivatives.

    September 19, 2019 WebPage Regulatory News
    News

    PRA Issues Consultation on Prudent Person Principle Under Solvency II

    PRA, via the consultation paper CP22/19, has set out its proposed expectations for investment by firms, in accordance with the Prudent Person Principle (PPP).

    September 18, 2019 WebPage Regulatory News
    News

    EIOPA Forms Consultative Expert Group on Digital Ethics in Insurance

    EIOPA established the Consultative Expert Group on Digital Ethics in Insurance to assist EIOPA in the development of digital responsibility principles in insurance.

    September 17, 2019 WebPage Regulatory News
    News

    FDIC Approves Proposal to Amend Swap Margin Rule

    FDIC approved what would be a joint proposal by the US Agencies (FCA, FDIC, FED, FHFA, and OCC) to amend regulations that require swap dealers and security-based swap dealers under the agencies’ respective jurisdictions to exchange margin with their counterparties for swaps that are not centrally cleared (Swap Margin Rule).

    September 17, 2019 WebPage Regulatory News
    News

    FASB Proposes Taxonomy Changes Related to Topics 848 and 470

    FASB proposed taxonomy improvements for the proposed Accounting Standards Update on topic 848 on facilitation of effects of reference rate reform on financial reporting.

    September 16, 2019 WebPage Regulatory News
    News

    BoE Statement on Recalculating Transitional Measures Under Solvency II

    BoE notified that it will be willing to accept applications from firms to recalculate transitional measure on technical provisions (TMTP) as at September 30, 2019.

    September 16, 2019 WebPage Regulatory News
    News

    BIS Hosts Conference to Discuss Issues from Emergence of Stablecoins

    BIS hosted a conference in Basel to discuss policy and regulatory issues posed by the emergence of stablecoin initiatives backed by financial institutions and large technology companies.

    September 16, 2019 WebPage Regulatory News
    News

    BIS Paper on Embedded Supervision of Blockchain-Based Financial Market

    BIS published a working paper that investigates ways to regulate and supervise blockchain-based financial markets.

    September 16, 2019 WebPage Regulatory News
    News

    BoE Paper on Market-Implied Systemic Risk and Shadow Capital Adequacy

    BoE published a working paper that presents a forward-looking approach to measure systemic solvency risk.

    September 13, 2019 WebPage Regulatory News
    News

    HKMA Consults on Policy Module on Pillar 2 Supervisory Review Process

    HKMA is consulting on the revised Supervisory Policy Manual module CA-G-5 that sets out the HKMA approach to conducting the supervisory review process under Pillar 2.

    September 13, 2019 WebPage Regulatory News
    RESULTS 1 - 10 OF 3830