PRA Proposes Changes to Reporting Requirements for Insurers
PRA published the consultation paper CP2/18 that proposes a number of regulatory reporting changes designed to reduce the burden for Solvency II firms and mutuals while maintaining the ability of PRA to meet its statutory objectives and to supervise firms. CP2/18 is relevant to all UK Solvency II firms, Society of Lloyd’s, and its managing agents and mutuals. This consultation will close on April 13, 2018.
The proposals in CP2/18 have been developed by PRA as part of its work on adjustments to the insurance prudential framework, in light of experience following the implementation of Solvency II by the United Kingdom. The proposals include consideration of areas recommended for reform by the Association of British Insurers (ABI) and discussed with the Treasury Select Committee. PRA believes that these proposals would reduce the reporting burden for smaller firms. CP2/18 includes the following proposals:
- To update the scope, content, and/or format of eight of the thirteen National Specific Templates (NSTs)—NS.01, NS.02, NS.05, NS.06, NS.07, NS.09, NS.10 and NS.11—found in rule 2.6 and Chapter 8 of the Reporting Part of the PRA Rulebook
- To amend the content of corresponding NST LOG files and introduce a new supervisory statement containing the LOG files
- To update the supervisory statement SS11/15, which is titled “Solvency II: Regulatory Reporting and exemptions,” for changes to quarterly reporting waivers and clarification on the timing for resumption of reporting, should a waiver expire or be revoked
- Amendments to rule 5.2 of the Change in Control Part of the PRA Rulebook, to exempt mutuals from submitting Annual Controller Reports if they do not have a Controller
Related Links
Comment Due Date: April 13, 2018
Keywords: Europe, UK, Insurance, Solvency II, Regulatory Reporting, NST, CP2/18, SS11/15, Proportionality, PRA
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