PRA Issues Update on Regulatory Reporting Submission Amid COVID Crisis
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
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