Featured Product

    PRA Issues PS16/18 on Changes to Reporting Requirements for Insurers

    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

    Featured Experts
    Related Articles
    News

    MAS Amends Notice 610 on Reporting Templates for Banks in Singapore

    MAS published amendments to Notices 610 and 1003 related to submission of statistics and returns, along with the reporting templates and frequently asked questions (FAQs) associated with these Notices.

    January 24, 2020 WebPage Regulatory News
    News

    HKMA Updates Policy Module on Supervisory Review Process

    HKMA is issuing, by notice in the Gazette, revised versions of two Supervisory Policy Manual modules as statutory guidelines under section 7(3) of the Banking Ordinance. The Supervisory Policy Manual modules are CA-G-5 on “Supervisory Review Process” and SB-2 on “Leveraged Foreign Exchange Trading.”

    January 24, 2020 WebPage Regulatory News
    News

    PRA Amends Pillar 2 Capital Framework for Banks

    PRA published the policy statement PS2/20 that contains the final amendments to the Pillar 2 framework and provides feedback to responses to the consultation paper CP5/19 on updates related to Pillar 2 capital framework.

    January 23, 2020 WebPage Regulatory News
    News

    FED Proposes to Revise Information Collection Under Market Risk Rule

    FED proposed to revise and extend, for three years, FR 4201, which is the information collection under the market risk capital rule.

    January 22, 2020 WebPage Regulatory News
    News

    HKMA Consults on Stay Rules on Financial Contracts Under FIRO

    HKMA published proposals for making rules related to contractual stays on termination rights in financial contracts for authorized institutions under FIRO or the Financial Institutions (Resolution) Ordinance (Cap. 628).

    January 22, 2020 WebPage Regulatory News
    News

    MAS Amends Notices on Minimum Liquid Asset Requirements for Banks

    MAS published amendments to Notices 1015, 613, and 649 related to the minimum liquid assets (MLA) requirements.

    January 21, 2020 WebPage Regulatory News
    News

    APRA Publishes Submission on Fintech and Regtech

    APRA published its submission, to the Senate Select Committee, on financial technology and regulatory technology.

    January 21, 2020 WebPage Regulatory News
    News

    OSFI to Implement Operational Risk Capital Rules for Banks in Q1 2022

    OSFI decided to move domestic implementation of the revised Basel III operational risk capital requirements from the first quarter of 2021 to the first quarter of 2022.

    January 20, 2020 WebPage Regulatory News
    News

    ECB Consults on Guideline on Threshold for Credit Obligations Past Due

    ECB published a draft guideline, along with the frequently asked questions (FAQs), on the definition of the materiality threshold for credit obligations past due for less significant institutions.

    January 20, 2020 WebPage Regulatory News
    News

    OSFI Consults on Instruction Guide for Termination of Pension Plan

    OSFI is consulting on draft revisions to the instruction guide for termination of a defined benefit pension plan.

    January 20, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 4530