PRA issued a statement providing clarification regarding submission requirements for the Regulatory Supervisory Report for year-end 2020 onward. PRA states that the existing Regulatory Supervisory Report cycle—which encompasses a full report at least every three years and a summary every year—will continue. Therefore, insurance firms that have year-end on December 31, 2019, or after that date but before April 01, 2020, and were due to submit a full report for year-end 2019 will be required to submit summary reports for year-end 2020 and year-end 2021, along with a full report for year-end 2022. PRA expects the Regulatory Supervisory Reports for year-end 2020 to include information on the impact of COVID-19. In March 2020, PRA had announced that, as part of response to the COVID-19 pandemic, submission of the Regulatory Supervisory Report is not required for year-end 2019.
Related Link: Notification
Keywords: Europe, UK, Insurance, Solvency II, Reporting, COVID-19, Regulatory Supervisory Report, PRA
Scott is a Director in the Regulatory and Accounting Solutions team responsible for providing accounting expertise across solutions, products, and services offered by Moody’s Analytics in the US. He has over 15 years of experience leading auditing, consulting and accounting policy initiatives for financial institutions.
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