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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.