BoE and PRA published a call for feedback to inform potential users that they are preparing to publish regular, aggregated data related to the UK Insurance market on a quarterly basis. The call for feedback contains the proposed content and presentation of the publication. Comments to this call for feedback should be sent by March 16, 2020.
The publication of PRA aggregated insurance statistics will be accompanied with the underlying aggregated granular data to enable users to perform bespoke analysis. The content will also seek to incorporate, within the publication, aggregated statistics currently published by EIOPA, for ease of analysis. The content of the initial publication will be based on Solvency II Quantitative Reporting Templates and, where relevant, supplemented with PRA data collections. The schedule for publication will be at a timely point following the submission and quality checking of quarterly and annual data, with the intention of publishing the information when it is of most relevance.
The call for feedback contains a list of the proposed statistics to be published, including the templates on which the data are based. The list represents areas of core insurance data that may be expanded on in future publications. The content may extend to other data points, such as those taken from the National Specific Templates and other PRA data collections. The publication will include the split of life and non-life insurance, where relevant. The proposed content of the publication represents core insurance statistics, some of which were included in Insurance Data Release, that was published in October 2017. Subject to any comments and feedback received, the first Insurance Data Release is intended to be published in the new format during the first half of 2020. Comments will also be welcome thereafter.
Comment Due Date: March 16, 2020
Keywords: Europe, UK, Insurance, Solvency II, Data, Insurance Data Release, Statistics, Quantitative Reporting Templates, Data Collection, National Specific Templates, PRA, BoE
Previous ArticleFDIC and OCC Issue Statement on Heightened Cyber Security Risk
PRA, via the consultation paper CP12/20, proposed changes to its rules, supervisory statements, and statements of policy to implement certain elements of the Capital Requirements Directive (CRD5).
EIOPA published the financial stability report that provides detailed quantitative and qualitative assessment of the key risks identified for the insurance and occupational pensions sectors in the European Economic Area.
EBA published its risk dashboard for the first quarter of 2020 together with the results of the risk assessment questionnaire.
EBA announced that the next stress testing exercise is expected to be launched at the end of January 2021 and its results are to be published at the end of July 2021.
PRA published the consultation paper CP11/20 that sets out its expectations and guidance related to auditors’ work on the matching adjustment under Solvency II.
MAS published a statement guidance on dividend distribution by banks.
APRA updated its capital management guidance for banks, particularly easing restrictions around paying dividends as institutions continue to manage the disruption caused by COVID-19 pandemic.
FSB published a report that reviews the progress on data collection for macro-prudential analysis and the availability and use of macro-prudential tools in Germany.
EBA issued a statement reminding financial institutions that the transition period between EU and UK will expire on December 31, 2020; this will end the possibility for the UK-based financial institutions to offer financial services to EU customers on a cross-border basis via passporting.
SRB published guidance on operational continuity in resolution and financial market infrastructure (FMI) contingency plans.