PRA issued a statement providing clarification regarding submission requirements for the Regulatory Supervisory Report for year-end 2020 onward. PRA states that the existing Regulatory Supervisory Report cycle—which encompasses a full report at least every three years and a summary every year—will continue. Therefore, insurance firms that have year-end on December 31, 2019, or after that date but before April 01, 2020, and were due to submit a full report for year-end 2019 will be required to submit summary reports for year-end 2020 and year-end 2021, along with a full report for year-end 2022. PRA expects the Regulatory Supervisory Reports for year-end 2020 to include information on the impact of COVID-19. In March 2020, PRA had announced that, as part of response to the COVID-19 pandemic, submission of the Regulatory Supervisory Report is not required for year-end 2019.
Related Link: Notification
Keywords: Europe, UK, Insurance, Solvency II, Reporting, COVID-19, Regulatory Supervisory Report, PRA
EBA published phase 2 of the technical package on the reporting framework 2.10, providing the technical tools and specifications for implementation of EBA reporting requirements.
FASB issued a proposed Accounting Standards Update that would grant insurance companies, adversely affected by the COVID-19 pandemic, an additional year to implement the Accounting Standards Update No. 2018-12 on targeted improvements to accounting for long-duration insurance contracts, or LDTI (Topic 944).
APRA updated the regulatory approach for loans subject to repayment deferrals amid the COVID-19 crisis.
BCBS and FSB published a report on supervisory issues associated with benchmark transition.
IAIS published a report on supervisory issues associated with benchmark transition from an insurance perspective.
ESMA updated the reporting manual on the European Single Electronic Format (ESEF).
EBA published a statement on resolution planning in light of the COVID-19 pandemic.
ECB published a guideline (2020/97), in the Official Journal of European Union, on the definition of materiality threshold for credit obligations past due for less significant institutions.
FED temporarily revised the capital assessments and stress testing reports (FR Y-14A/Q/M) to implement the changes in response to the COVID-19 pandemic.
BCBS Finalizes Revisions to Credit Valuation Adjustment Risk Framework