PRA publishes Policy Statement on changes in insurance reporting requirements

On 6 July, the PRA provided feedback to responses to its Consultation Paper (CP) 2/18 “Changes in insurance reporting requirements” in Policy Statement (PS)16/18.

CP2/18, published in January 2018, set out the PRA’s proposals to change the regulatory reporting requirements for SII firms (and mutuals). The proposals were developed by the PRA as part of adjustments made following the implementation of SII and included areas recommended for reform made by the Association of British Insurers (ABI) and discussed with the Treasury Select Committee.

Some of the proposals included amending rule 5.2 of the Change in Control Part of the PRA Rulebook to exempt mutuals from submitting Annual Controller Reports if they do not have a Controller and updating its Supervisory Statement (SS) 11/15 “Solvency II: Regulatory reporting and exemptions” for changes to quarterly reporting waivers and clarification on the timing when resuming reporting should waiver, expire or be revoked.

Having considered the responses, the PRA has made minor amendments to the draft rules and LOG files to provide further clarity on completion of the relevant National Specific Templates (NSTs).  The PRA considers these changes will enhance the clarity of the final rules, and in turn will reduce the burden on firms relative to the original proposal in the CP.