Featured Product

    PRA Issues PS16/18 on Changes to Reporting Requirements for Insurers

    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.

     

    Related Links

    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

    Featured Experts
    Related Articles
    News

    FED Revises Capital Planning and Stress Testing Requirements for Banks

    FED finalized a rule that updates capital planning requirements to reflect the new framework from 2019 that sorts large banks into categories, with requirements that are tailored to the risks of each category.

    January 19, 2021 WebPage Regulatory News
    News

    ECB Releases Results of Bank Lending Survey for Fourth Quarter of 2020

    ECB published results of the quarterly lending survey conducted on 143 banks in the euro area.

    January 19, 2021 WebPage Regulatory News
    News

    ESAs Publish Reporting Templates for Financial Conglomerates

    ESAs published the final draft implementing technical standards on reporting of intra-group transactions and risk concentration of financial conglomerates subject to the supplementary supervision in EU.

    January 18, 2021 WebPage Regulatory News
    News

    EBA Publishes Report on Asset Encumbrance of Banks in EU

    EBA published the annual report on asset encumbrance of banks in EU.

    January 18, 2021 WebPage Regulatory News
    News

    MAS Revises Guidelines on Technology Risk Management

    MAS revised the guidelines that address technology and cyber risks of financial institutions, in an environment of growing use of cloud technologies, application programming interfaces, and rapid software development.

    January 18, 2021 WebPage Regulatory News
    News

    US Agencies Publish Updates for Call Reports, FFIEC 101, and FR Y-9C

    FED updated the reporting form and instructions for the FR Y-9C report on consolidated financial statements for holding companies.

    January 15, 2021 WebPage Regulatory News
    News

    EBA Proposes Guidelines for Establishing Intermediate Parent Entities

    EBA issued a consultation paper on the guidelines on monitoring of the threshold and other procedural aspects of the establishment of intermediate EU parent undertakings, or IPUs, as laid down in the Capital Requirements Directive.

    January 15, 2021 WebPage Regulatory News
    News

    EC Adopts Financial Reporting Changes Arising from Benchmark Reforms

    EC published Regulation 2021/25 that addresses amendments related to the financial reporting consequences of replacement of the existing interest rate benchmarks with alternative reference rates.

    January 14, 2021 WebPage Regulatory News
    News

    BIS Bulletin Examines Key Elements of Policy Response to Cyber Risk

    BIS published a bulletin, or a note, that examines the cyber threat landscape in the context of the pandemic and discusses policies to reduce risks to financial stability.

    January 14, 2021 WebPage Regulatory News
    News

    HMT Updates List of Post-Brexit Equivalence Decisions in UK

    HM Treasury, also known as HMT, has updated the table containing the list of the equivalence decisions that came into effect in UK at the end of the transition period of its withdrawal from EU.

    January 14, 2021 WebPage Regulatory News
    RESULTS 1 - 10 OF 6462