UK PRA Insurance Reporting

On Jan. 11, PRA proposed rules on insurer reporting requirements.

  • Follows Oct. 2017, PRA proposed rules on SLV2 matching adjustment, see #35687.
  • Amendments
  • Change to regulatory reporting will reduce existing burden on SLV2 firms, mutuals.
  • While maintaining PRA ability, to meet statutory objectives for supervision of firms.
  • Relevant to all UK SLV2 firms, Society of Lloyd’s and managing agents and mutual.
  • Consultation
  • Part of PRA work to adjust prudential rules after experience of adopting Solvency II.
  • Include areas recommended for reform by ABI, discussed with Treasury Committee.
  • Large proportion of reporting to PRA under SLV2, is part of EC harmonized package.
  • PRA aimed to reform remaining share to reduce reporting burdens for smaller firms.
  • Proposals
  • Update scope, content, formats of eight of the 13 national specific templates (NST).
  • NS.01, NS.02, NS.05, NS.06, NS.07, NS.09, NS.10 and NS.11, are in PRA rulebook.
  • Amend content of corresponding NST LOG files, introduce a SS containing LOG files
  • Update supervisory statement 11/15 Solvency II regulatory reporting, exemptions.
  • For change to quarterly reporting waivers and clarification on timing on resumption.
  • Amendments to rule 5.2 of Change in Control Part of the PRA Rulebook, to exempt
    mutuals from submitting Annual Controller Reports, if they do not have a Controller.
  • Effectiveness
  • Consultation closes on Apr. 13, 2018, amend NSTs for submissions at year-end 2018.

Regulators UK Lloyds; UK PRA
Entity Types Bank; Ins
Reference CP2/18, 1/11/2018; SS11/15; SLV2, Dir 2015/35, Dir 2009/138
Functions Financial; Operations; Reporting; Risk; Treasury
Countries United Kingdom
Products Corporate; Insurance
Regions EMEA
Rule Type Proposed
Rule Date 1/11/2018
Effective Date 4/13/2018
Rule Id 38382
Linked to Rule :35687
Report Issue 1/15/2018
Report Section UK

Last substantive update on 01/11/2018