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PRA proposes SII regulatory reporting changes to reduce burden on insurance firms

Written by Adam Cadle

A number of regulatory reporting changes designed to reduce the burden for SII firms and mutuals whilst maintaining the PRA’s ability to meet its statutory objectives have been proposed by the regulator in its latest consultation paper.

The proposals centre around updating the scope, content and/or format of eight of the thirteen National Specific Templates (NSTs); amending the content of corresponding NST LOG files and introduce a new supervisory statement (SS) containing the LOG files; updating SS11/15 ‘Solvency II: Regulatory Reporting and exemptions’ for changes to quarterly reporting waivers and clarification on the timing when resuming reporting should a waiver expire or be revoked; and amendments to 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.

The latest consultation paper is relevant to all UK Solvency II firms, the Society of Lloyd’s and its managing agents and mutuals.

A large proportion of the reporting to the PRA under SII 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

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