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.
- 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.
- 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.
- 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.
- Consultation closes on Apr. 13, 2018, amend NSTs for submissions at year-end 2018.
||UK Lloyds; UK PRA
||CP2/18, 1/11/2018; SS11/15; SLV2, Dir 2015/35, Dir 2009/138
||Financial; Operations; Reporting; Risk; Treasury
Last substantive update on 01/11/2018