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    PRA Issues SS4/18 on Financial Management and Planning by Insurers

    May 17, 2018

    PRA issued the supervisory statement SS4/18 on financial management and planning by insurers. SS4/18 is addressed to all UK firms and groups that fall within the scope of the Solvency II Directive and to the Society of Lloyd’s and its managing agents.

    SS4/18 should be read in conjunction with the Conditions Governing Business and Investments Parts of the PRA Rulebook; Articles 258 to 267 of the Commission Delegated Regulation (EU) 2015/35; the PRA approach to insurance supervision; SS41/15 titled "Solvency II: applying EIOPA Set 2, System of Governance and ORSA Guidelines"; SS5/16 titled "Corporate Governance: Board responsibilities"; SS19/16 titled "Solvency II: ORSA"; SS4/17 Titled "Cyber insurance underwriting risk"; and SS5/17 titled "Dealing with a market turning event in the general insurance sector." SS4/18 sets out the PRA expectations on:

    • Development and maintenance of a risk appetite statement by insurers
    • How insurers apply their risk appetite when developing and monitoring their medium term business and financial plans
    • Assessment of the suitability and sustainability of capital distribution plans in the context of this risk appetite

     

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    Keywords: Europe, UK, Insurance, Solvency II, Risk Appetite, SS4/18, Capital Distribution Plans, PRA

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