PRA published the consultation paper CP2/18 that proposes a number of regulatory reporting changes designed to reduce the burden for Solvency II firms and mutuals while maintaining the ability of PRA to meet its statutory objectives and to supervise firms. CP2/18 is relevant to all UK Solvency II firms, Society of Lloyd’s, and its managing agents and mutuals. This consultation will close on April 13, 2018.
The proposals in CP2/18 have been developed by PRA as part of its work on adjustments to the insurance prudential framework, in light of experience following the implementation of Solvency II by the United Kingdom. The proposals include consideration of areas recommended for reform by the Association of British Insurers (ABI) and discussed with the Treasury Select Committee. PRA believes that these proposals would reduce the reporting burden for smaller firms. CP2/18 includes the following proposals:
- To update the scope, content, and/or format of eight of the thirteen National Specific Templates (NSTs)—NS.01, NS.02, NS.05, NS.06, NS.07, NS.09, NS.10 and NS.11—found in rule 2.6 and Chapter 8 of the Reporting Part of the PRA Rulebook
- To amend the content of corresponding NST LOG files and introduce a new supervisory statement containing the LOG files
- To update the supervisory statement SS11/15, which is titled “Solvency II: Regulatory Reporting and exemptions,” for changes to quarterly reporting waivers and clarification on the timing for resumption of reporting, should a waiver expire or be revoked
- Amendments to rule 5.2 of the Change in Control Part of the PRA Rulebook, to exempt mutuals from submitting Annual Controller Reports if they do not have a Controller
Comment Due Date: April 13, 2018
Keywords: Europe, UK, Insurance, Solvency II, Regulatory Reporting, NST, CP2/18, SS11/15, Proportionality, PRA
Previous ArticleESRB Paper on CCPs in Interest Rate Derivatives Market in EU
FCA and PRA in the UK, FED in the US, and the authorities in Singapore have fined Goldman Sachs for risk management failures in connection with the 1Malaysia Development Berhad (1MDB).
BCBS announced that OSFI and the Bank of Canada hosted the 21st International Conference of Banking Supervisors (ICBS) virtually on October 19-22, 2020.
FCA proposed guidance on how firms should continue to seek to help customers who hold insurance and premium finance products and may be in financial difficulty because of COVID-19, after October 31, 2020.
EBA issued an opinion on prudential treatment of the legacy instruments as the grandfathering period nears an end on December 31, 2021.
ESRB published the fifth issue of the EU Non-bank Financial Intermediation Risk Monitor 2020 (NBFI Monitor).
HM Treasury announced that the new Financial Services Bill has been introduced in the Parliament.
APRA announced that it has increased the minimum liquidity requirement of Bendigo and Adelaide Bank for failing to comply with the prudential standard on liquidity.
PRA published the consultation paper CP17/20 to propose changes to certain rules, supervisory statements, and statements of policy to implement elements of the Capital Requirements Directive (CRD5).
US Agencies adopted a final rule that applies to advanced approaches banking organizations and aims to reduce interconnectedness in the financial system as well as to reduce contagion risks associated with the failure of a global systemically important bank (G-SIB).
US Agencies (FDIC, FED, and OCC) adopted a final rule that implements the net stable funding ratio (NSFR) for certain large banking organizations.