23 April 2017


Retired Member

2,593Posts 8,835,373Views 2,674Comments
Finextra community

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.

PRA will notify firms in scope for Solvency II

27 January 2014  |  1315 views  |  0

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)

Comment on this story (membership required)

Latest posts from

Retired's profile

job title
member since 2014
Summary profile See full profile »

Retired's expertise

Member since 2009
2587 posts2,674 comments
What Retired reads

Who's commenting on Retired's posts

Nicola Cowburn
Michael Wright
Deepthi Rajan
Melvin Haskins
Urs Meier
Steven Hatton
Ahmed Saleh
Ketharaman Swaminathan
Tayloe Draughon
João Bohner
Kunal Patel
Graham Seel