July 06, 2018

PRA issued the policy statement PS16/18, which provides feedback to responses to the consultation paper CP2/18 on changes in insurance reporting requirements. PS16/18 is relevant to all UK Solvency II firms, the Society of Lloyd’s and its managing agents and mutuals.

PRA had received nine responses to the CP2/18. Respondents were broadly supportive of the proposals. After considering the responses, PRA made minor amendments to the draft rules and LOG files to provide further clarity on completion of the relevant National Specific Templates (NSTs). Chapter 2 of PS16/18 summarizes the issues raised by respondents and provides further details on the changes. PS16/18 also contains the final policy of PRA, including:

  • Amendments to the Reporting Part of the PRA Rulebook (Appendix 1). The amendments come into force on December 31, 2018.
  • SS6/18, related to NSTs LOG files (Appendix 2). PRA sets out its expectation from firms for completing their submission of NSTs. SS6/18 comes into effect on December 31, 2018.
  • Updated SS11/15 on regulatory reporting and exemptions under Solvency II (Appendix 3). The changes to SS11/15 will take effect from the third quarter of 2018.
  • Amendments to the Change in Control Part of the PRA Rulebook (Appendix 4). The amendments will apply from September 01, 2018.

 

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Effective Date: December 31, 2018 (SS6/18); Q3 2018 (SS11/15); September 01, 2018 (Appendix 4)

Keywords: Europe, UK, Solvency II, Reporting, PS16/18, SS6/18, Proportionality, PRA

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