Blog article
See all stories »

PRA will notify firms in scope for Solvency II

The Prudential Regulatory Authority (PRA) has published 36 questions and answers (Q&As) following on from its Solvency II industry briefing. Answers have been provided to a number of questions including:
. proportionality (Qs 1 – 8);
. the PRA's supervisory statement 4/13 (Qs 9 – 21);
. the standard formula (Qs 22 – 24);
. early warning indicators (Qs 25 – 27);
. trilogue discussions Q4 2012 (Qs 28 – 32); and
. open Q&A (Qs 33 - 36).

In Q&As 18 – 21 the PRA sets out the reporting expectations that firms:
. in scope for reporting during the probationary period will be formally notified in January 2014;
· will be consulted on national specific templates for reporting;
· will be expected to submit interim templates in XBRL; and
· can submit incomplete returns during the preparatory stage, but the gaps will be assessed for significance by PRA.

The "Open Q&A" cover:
. whether Solvency II goes far enough to address the potential for bad behaviour and cultures in insurance firms;
. the PRA's approach for third country branches under Solvency II;
. whether any shortfalls in regulatory capital can be addressed through the provisions of Pillar 2; and
. what PRA's advice is for firms that are not able to reach their supervisor or do not have a named supervisor.

Related Links:


Comments: (0)

Blog group founder

Member since




More from member

This post is from a series of posts in the group:

Financial Services Regulation

This network is for financial professionals interested in staying up to date on financial services regulation happening anywhere in the world. CFOs, bankers, fund managers, treasurers welcome.

See all

Now hiring