PRA Relaxes Reporting and Disclosure Deadlines for Insurers
PRA outlined its approach to regulatory reporting for UK insurers in response to COVID-19 and the recommendations of EIOPA on the supervisory reporting deadlines, which were published on March 20, 2020. PRA is extending the deadline window for several aspects of harmonized regulatory reporting as well as PRA-owned regulatory reporting. The extension period for reporting deadlines varies from two to eight weeks for different reporting forms.
After considering the EIOPA recommendations, PRA will accept the following delays with respect to the harmonized regulatory reporting:
- Annual reporting referring to year-end occurring on December 31, 2019 or a year-end after that date but before April 01, 2020. PRA will accept up to an eight-week delay in the submission of solo and group level annual Quantitative Reporting Templates, except for certain reporting templates for which PRA will accept up to a two-week delay in the submission. The templates for which a two-week delay is acceptable include the Contents of Submission (S.01.01), Basic Information (S.01.02), Balance sheet (S.02.01), Cash-flow projections for life business (S.13.01), LTG (S.22.01), Own funds (S.23.01), and SCR calculation (S.25.01 to S.25.03). PRA has also accepted up to an eight-week delay in the submission of Solvency & Financial Condition Report (SFCR) and Own Risk & Solvency Assessment (ORSA). PRA mentioned that any delay in the submission of Regulatory Supervisory Report is not required.
- Quarterly reporting referring to the first quarter of 2020. PRA will accept up to four weeks of delay in the submission of the first quarter of 2020 Quantitative Reporting Templates and the Quarterly Financial Stability reporting both at solo and group levels.
Additionally, PRA will accept delays for certain aspects of PRA-owned regulatory reporting with respect to annual reporting (that is, for year-end occurring on December 31, 2019 or year-end after that date but before April 01, 2020). PRA will accept up to eight-week delay in the submission of National Specific Templates, Internal model outputs, and Standard formula reporting for firms with an approved internal model (SF.01). PRA will also accept up to four-week delay in the reporting of Market Risk Sensitivities. Firms shall be able to submit reports anytime from the original submission date up to the end of the extended deadline window. Where reporting submissions are comparatively well-progressed, PRA encourages firms to submit them earlier in the windows to the extent possible. Corresponding external audit deadlines have been also extended to accommodate the above.
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Keywords: Europe, UK, Insurance, Reporting, Disclosures, SFCR, SCR, Solvency II, COVID 19, National Specific Templates, Recommendations, ORSA, EIOPA, PRA
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