PRA published supervisory disclosures in line with its obligations under Article 31(2) of the Solvency II Directive. The public disclosure is designed to foster a uniform level of transparency and accountability between supervisory authorities.
The material published will be of primary interest to PRA-authorized insurance companies. PRA will publish Templates A and B in the fourth quarter of 2018.The published disclosures include the following:
- Aggregate statistical data on key aspects of the application of the prudential framework
- A table covering the manner of exercise of the options provided for in the Solvency II Directive
- Links to the texts of insurance regulations applicable in the UK
- Links to the PRA supervisory approach
Keywords: Europe, UK, Insurance, Solvency II, Supervisory Disclosures, Supervisory Approach, Insurance Regulations, PRA
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EBA published phase 2 of the technical package on the reporting framework 2.10, providing the technical tools and specifications for implementation of EBA reporting requirements.
FASB issued a proposed Accounting Standards Update that would grant insurance companies, adversely affected by the COVID-19 pandemic, an additional year to implement the Accounting Standards Update No. 2018-12 on targeted improvements to accounting for long-duration insurance contracts, or LDTI (Topic 944).
APRA updated the regulatory approach for loans subject to repayment deferrals amid the COVID-19 crisis.
BCBS and FSB published a report on supervisory issues associated with benchmark transition.
IAIS published a report on supervisory issues associated with benchmark transition from an insurance perspective.
ESMA updated the reporting manual on the European Single Electronic Format (ESEF).
EBA published a statement on resolution planning in light of the COVID-19 pandemic.
BCBS Finalizes Revisions to Credit Valuation Adjustment Risk Framework
ECB published a guideline (2020/97), in the Official Journal of European Union, on the definition of materiality threshold for credit obligations past due for less significant institutions.
FED temporarily revised the capital assessments and stress testing reports (FR Y-14A/Q/M) to implement the changes in response to the COVID-19 pandemic.