General Information & Client Service
  • Americas: +1.212.553.1653
  • Asia: +852.3551.3077
  • China: +86.10.6319.6580
  • EMEA: +44.20.7772.5454
  • Japan: +81.3.5408.4100
Media Relations
  • New York: +1.212.553.0376
  • London: +44.20.7772.5456
  • Hong Kong: +852.3758.1350
  • Tokyo: +813.5408.4110
  • Sydney: +61.2.9270.8141
  • Mexico City: +001.888.779.5833
  • Buenos Aires: +0800.666.3506
  • São Paulo: +0800.891.2518
July 06, 2018

PRA issued the policy statement PS16/18, which provides feedback to responses to the consultation paper CP2/18 on changes in insurance reporting requirements. PS16/18 is relevant to all UK Solvency II firms, the Society of Lloyd’s and its managing agents and mutuals.

PRA had received nine responses to the CP2/18. Respondents were broadly supportive of the proposals. After considering the responses, PRA made minor amendments to the draft rules and LOG files to provide further clarity on completion of the relevant National Specific Templates (NSTs). Chapter 2 of PS16/18 summarizes the issues raised by respondents and provides further details on the changes. PS16/18 also contains the final policy of PRA, including:

  • Amendments to the Reporting Part of the PRA Rulebook (Appendix 1). The amendments come into force on December 31, 2018.
  • SS6/18, related to NSTs LOG files (Appendix 2). PRA sets out its expectation from firms for completing their submission of NSTs. SS6/18 comes into effect on December 31, 2018.
  • Updated SS11/15 on regulatory reporting and exemptions under Solvency II (Appendix 3). The changes to SS11/15 will take effect from the third quarter of 2018.
  • Amendments to the Change in Control Part of the PRA Rulebook (Appendix 4). The amendments will apply from September 01, 2018.

 

Related Links

Effective Date: December 31, 2018 (SS6/18); Q3 2018 (SS11/15); September 01, 2018 (Appendix 4)

Keywords: Europe, UK, Solvency II, Reporting, PS16/18, SS6/18, Proportionality, PRA

Related Insights
News

US Agencies Propose Derivative Counterparty Credit Exposure Framework

US Agencies (OCC, FED, and FDIC) proposed to implement a new approach for calculating the exposure amount of derivative contracts under the regulatory capital rule.

December 17, 2018 WebPage Regulatory News
News

HKMA Announces Intention to Consult on Updated BCBS Disclosure Rules

HKMA announced that it will consult the industry in due course on the relevant implementation proposal to give effect to the disclosure requirements of the December 2018 package by BCBS.

December 17, 2018 WebPage Regulatory News
News

EBA Finalizes Guidelines on Disclosure of Non-Performing Exposures

EBA published the final guidelines on disclosure of non-performing and forborne exposures.

December 17, 2018 WebPage Regulatory News
News

HKMA Issues and Revises Reporting Forms Under the IRRBB Framework

HKMA issued a revised version of the Supervisory Policy Manual (SPM) IR-1, with an updated title “Interest Rate Risk in the Banking Book” (IRRBB).

December 14, 2018 WebPage Regulatory News
News

EBA Single Rulebook Q&A: Second Update for December 2018

EBA published answers to six questions under the Single Rulebook question and answer (Q&A) updates for this week.

December 14, 2018 WebPage Regulatory News
News

OSFI Proposes Changes to Guideline on Large Exposure Limits

OSFI proposed revisions to the Guideline B-2 on Large Exposure Limits, for implementation in the first quarter of 2020.

December 13, 2018 WebPage Regulatory News
News

BCBS Consults on Disclosure Rules for Leverage Ratio Window-Dressing

BCBS published a consultative document on revisions to the leverage ratio disclosure requirements to address the leverage ratio window-dressing behavior.

December 13, 2018 WebPage Regulatory News
News

PRA Updates the Policy on Approach to Systemic Risk Buffer

PRA published the final Statement of Policy on the PRA approach to the implementation of the systemic risk buffer (SRB), as proposed in the consultation paper CP29/18.

December 13, 2018 WebPage Regulatory News
News

EP Report Examines Financial Supervision and Regulation in US

European Parliament published a report that provides a concise overview of the Dodd-Frank Act, the challenges of its implementation, and efforts to roll back the Act, in large part due to what are viewed to be vague and impractical provisions.

December 12, 2018 WebPage Regulatory News
News

FED Proposes to Revise Several Reporting Forms Including FR Y-9C

FED proposed to extend for three years, with revision, the FR Y-9, FR Y-7N, FR Y-11, and FR 2314 family of reports, in addition to the forms FR 2886b, FR Y-8, FR 2248, FR 2320, FR 2644, and FR 2886b.

December 12, 2018 WebPage Regulatory News
RESULTS 1 - 10 OF 2342