Featured Product

    PRA Relaxes Reporting and Disclosure Deadlines for Insurers

    March 23, 2020

    PRA outlined its approach to regulatory reporting for UK insurers in response to COVID-19 and the recommendations of EIOPA on the supervisory reporting deadlines, which were published on March 20, 2020. PRA is extending the deadline window for several aspects of harmonized regulatory reporting as well as PRA-owned regulatory reporting. The extension period for reporting deadlines varies from two to eight weeks for different reporting forms.

    After considering the EIOPA recommendations, PRA will accept the following delays with respect to the harmonized regulatory reporting:

    • Annual reporting referring to year-end occurring on December 31, 2019 or a year-end after that date but before April 01, 2020. PRA will accept up to an eight-week delay in the submission of solo and group level annual Quantitative Reporting Templates, except for certain reporting templates for which PRA will accept up to a two-week delay in the submission. The templates for which a two-week delay is acceptable include the Contents of Submission (S.01.01), Basic Information (S.01.02), Balance sheet (S.02.01), Cash-flow projections for life business (S.13.01), LTG (S.22.01), Own funds (S.23.01), and SCR calculation (S.25.01 to S.25.03). PRA has also accepted up to an eight-week delay in the submission of Solvency & Financial Condition Report (SFCR) and Own Risk & Solvency Assessment (ORSA). PRA mentioned that any delay in the submission of Regulatory Supervisory Report is not required.
    • Quarterly reporting referring to the first quarter of 2020. PRA will accept up to four weeks of delay in the submission of the first quarter of 2020 Quantitative Reporting Templates and the Quarterly Financial Stability reporting both at solo and group levels.

    Additionally, PRA will accept delays for certain aspects of PRA-owned regulatory reporting with respect to annual reporting (that is, for year-end occurring on December 31, 2019 or year-end after that date but before April 01, 2020). PRA will accept up to eight-week delay in the submission of National Specific Templates, Internal model outputs, and Standard formula reporting for firms with an approved internal model (SF.01). PRA will also accept up to four-week delay in the reporting of Market Risk Sensitivities. Firms shall be able to submit reports anytime from the original submission date up to the end of the extended deadline window. Where reporting submissions are comparatively well-progressed, PRA encourages firms to submit them earlier in the windows to the extent possible. Corresponding external audit deadlines have been also extended to accommodate the above.

     

    Related Links

    Keywords: Europe, UK, Insurance, Reporting, Disclosures, SFCR, SCR, Solvency II, COVID 19, National Specific Templates, Recommendations, ORSA, EIOPA, PRA

    Featured Experts
    Related Articles
    News

    APRA Finalizes Reporting Standard for Operational Risk Requirements

    APRA finalized the reporting standard ARS 115.0 on capital adequacy with respect to the standardized measurement approach to operational risk for authorized deposit-taking institutions in Australia.

    March 03, 2021 WebPage Regulatory News
    News

    ESAs Issue Advice on KPIs on Sustainability for Nonfinancial Reporting

    ESAs Issue Advice on KPIs on Sustainability for Nonfinancial Reporting

    March 01, 2021 WebPage Regulatory News
    News

    EBA Consults on Pillar 3 Disclosure Standards for ESG Risks Under CRR

    EBA is consulting on the implementing technical standards for Pillar 3 disclosures on environmental, social, and governance (ESG) risks, as set out in requirements under Article 449a of the Capital Requirements Regulation (CRR).

    March 01, 2021 WebPage Regulatory News
    News

    EU Amends CRD4 and CRD5 as Part of Capital Markets Recovery Package

    EU published Directive 2021/338, which amends the Markets in Financial Instruments Directive (MiFID) II and the Capital Requirements Directives (CRD 4 and 5) to facilitate recovery from the COVID-19 crisis.

    February 26, 2021 WebPage Regulatory News
    News

    EBA Publishes Single Rulebook Q&A Updates in February 2021

    The EBA Single Rulebook question and answer (Q&A) tool updates for this month include answers to ten questions.

    February 26, 2021 WebPage Regulatory News
    News

    ESMA Releases Schema and Instructions for Securitization Reporting

    ESMA updated the set of questions and answers (Q&A), along with the reporting instructions and an XML schema for the templates set out in the technical standards on disclosure requirements, under the Securitization Regulation.

    February 26, 2021 WebPage Regulatory News
    News

    EU Rule Amends Requirement for European Single Electronic Format

    EU published Regulation 2021/337, which amends the Transparency Directive (2004/109/EC), regarding the use of the single electronic reporting format for annual financial reports.

    February 26, 2021 WebPage Regulatory News
    News

    EU Committee Recommends Systemic Risk Buffer of 4.5% in Norway

    The Standing Committee of the European Free Trade Association (EFTA) recommended that a systemic risk buffer level of 4.5% for domestic exposures can be considered appropriate for addressing the identified systemic risks to the stability of the financial system in Norway.

    February 25, 2021 WebPage Regulatory News
    News

    PRA Clarifies Approach to Onshoring of Credit Risk Rules for UK Banks

    In a recent statement, PRA clarified its approach to the application of certain EU regulatory technical standards and EBA guidelines on standardized and internal ratings-based approaches to credit risk, following the end of the Brexit transition.

    February 25, 2021 WebPage Regulatory News
    News

    FSB Sets Out Work Priorities for 2021

    In a recently published letter addressed to the G20 finance ministers and central bank governors, the FSB Chair Randal K. Quarles has set out the key FSB priorities for 2021.

    February 25, 2021 WebPage Regulatory News
    RESULTS 1 - 10 OF 6637