PRA issued the policy statement PS21/18, which provides feedback to responses to the consultation paper CP11/18. CP11/18 had proposed changes to the file type and reporting format for a number of insurance reporting submissions, to align with Solvency II Quantitative Reporting Templates and international data standards. The consultation ran from April to June 2018.
PS21/18 contains the final policy of PRA, which is as follows:
- Amendments to the Reporting Part of the PRA Rulebook (Appendix 1). This instrument comes into force on December 31, 2018.
- Updated supervisory statement SS25/15 titled “Solvency II: regulatory reporting, internal model outputs” (Appendix 2). SS25/15 was updated to amend paragraph 2.1 to reflect that firms are expected to make submissions in XBRL format via the BoE’s Electronic Data Submission (BEEDS) portal. This update will come into effect on December 31, 2018.
- Updated SS26/15 titled “Solvency II: ORSA and the ultimate time horizon – non-life firms” (Appendix 3). SS26/15 was updated to amend paragraph 1.7 (e) to reflect that firms are expected to submit information in XBRL format via BEEDS portal. This update will come into effect on December 31, 2018.
- Updated SS7/17 on data collection of market risk sensitivities under Solvency II (Appendix 4). SS7/17 was updated to amend paragraph 4.3 to reflect that firms are expected to submit in XBRL format via BEEDS portal. This update will come into effect on December 31, 2018.
- Updated SS15/16 related to monitoring model drift and standard formula solvency capital requirement (SCR) reporting for firms with an approved internal model (Appendix 5). SS15/16 was updated to amend paragraph 3.6 to reflect that PRA requests the information to be submitted fully in XBRL. This update will come into effect on December 31, 2018.
PRA had received one response to CP11/18. The feedback was generally supportive of the changes proposed, although it noted that firms should have sufficient time to update their software capabilities to enable submission via XBRL format.
Effective Date: December 31, 2018
Keywords: Europe, UK, Insurance, Solvency II, Reporting, PS21/18, BEEDS, PRA
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