PRA Issues PS16/18 on Changes to Reporting Requirements for Insurers
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
- PS16/18 and CP2/18
- SS6/18
- SS11/15
- Amendments to Reporting Part of PRA Rulebook (PDF)
- Amendments to Change in Control Part of PRA Rulebook (PDF)
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
María Cañamero
Skilled market researcher; growth strategist; successful go-to-market campaign developer
Nicolas Degruson
Works with financial institutions, regulatory experts, business analysts, product managers, and software engineers to drive regulatory solutions across the globe.
Scott Dietz
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.
Related Articles
BIS and Central Banks Experiment with GenAI to Assess Climate Risks
A recent report from the Bank for International Settlements (BIS) Innovation Hub details Project Gaia, a collaboration between the BIS Innovation Hub Eurosystem Center and certain central banks in Europe
Nearly 25% G-SIBs Commit to Adopting TNFD Nature-Related Disclosures
Nature-related risks are increasing in severity and frequency, affecting businesses, capital providers, financial systems, and economies.
Singapore to Mandate Climate Disclosures from FY2025
Singapore recently took a significant step toward turning climate ambition into action, with the introduction of mandatory climate-related disclosures for listed and large non-listed companies
SEC Finalizes Climate-Related Disclosures Rule
The U.S. Securities and Exchange Commission (SEC) has finalized the long-awaited rule that mandates climate-related disclosures for domestic and foreign publicly listed companies in the U.S.
EBA Proposes Standards Related to Standardized Credit Risk Approach
The European Banking Authority (EBA) has been taking significant steps toward implementing the Basel III framework and strengthening the regulatory framework for credit institutions in the EU
US Regulators Release Stress Test Scenarios for Banks
The U.S. regulators recently released baseline and severely adverse scenarios, along with other details, for stress testing the banks in 2024. The relevant U.S. banking regulators are the Federal Reserve Bank (FED), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC).
Asian Governments Aim for Interoperability in AI Governance Frameworks
The regulatory landscape for artificial intelligence (AI), including the generative kind, is evolving rapidly, with governments and regulators aiming to address the challenges and opportunities presented by this transformative technology.
EBA Proposes Operational Risk Standards Under Final Basel III Package
The European Union (EU) has been working on the final elements of Basel III standards, with endorsement of the Banking Package and the publication of the European Banking Authority (EBA) roadmap on Basel III implementation in December 2023.
EFRAG Proposes XBRL Taxonomy and Standard for Listed SMEs Under ESRS
The European Financial Reporting Advisory Group (EFRAG), which plays a crucial role in shaping corporate reporting standards in European Union (EU), is seeking comments, until May 21, 2024, on the Exposure Draft ESRS for listed SMEs.
ECB to Expand Climate Change Work in 2024-2025
Banking regulators worldwide are increasingly focusing on addressing, monitoring, and supervising the institutions' exposure to climate and environmental risks.
