The Prudential Regulation Authority proposes a number of regulatory reporting changes designed to reduce the burden for Solvency II firms and mutuals whilst maintaining the PRA’s ability to meet its statutory objectives and to supervise firms.
The CP is relevant to all UK Solvency II firms, Society of Lloyd’s and its managing agents and mutuals.
The proposals in this CP have been developed by the PRA as part of its work on adjustments to the insurance prudential framework in light of experience following the UK’s implementation of Solvency II, including areas recommended for reform by the Association of British Insurers (ABI) and discussed with the Treasury Committee.
A large proportion of the reporting to the PRA under Solvency II forms part of the European Commission’s harmonised package. Of the remaining share, the PRA has sought to design the most extensive package of reforms possible without compromising its ability to supervise firms with the appropriate evidence base. The PRA believes that these proposals would, in particular, reduce the reporting burden for smaller firms.
This consultation closes on Friday 13 April 2018.
Full news
Consultation paper
© Bank of England
Key
Hover over the blue highlighted
text to view the acronym meaning
Hover
over these icons for more information
Comments:
No Comments for this Article