08 December 2016

44975

Retired Member

2,018Posts 6,637,757Views 2,335Comments
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 consults on calculation of technical provisions

09 April 2014  |  3080 views  |  0

The Prudential Regulation Authority (PRA) has published a consultation paper seeking views from general insurers on a draft supervisory statement which sets out the PRA’s expectations in relation to the calculation of technical provisions and the use of internal models under Solvency II. 

The PRA is publishing this statement to enable firms to consider its expectations as part of their planning and preparation for the new regime.  The statement expands on the PRA’s general approach (set out in its insurance approach document) and seeks to ensure that firms set an adequate level of technical provision and hold sufficient capital.  

The Solvency II Directive will not come into force until 1 January 2016.  The PRA expects to receive legal powers to receive, review and make determinations on applications at transposition on 31 March 2015.  The PRA acknowledges, however, that further directly applicable regulations or guidelines from the European Insurance and Occupational Pensions Authority may be issued in relation to the areas covered in this statement, and it draws firms’ attention to the fact that this statement may be subject to review, and may be withdrawn on or before 31 December 2015.  

Comments are requested by 14 April 2014.  

Related link:

http://www.bankofengland.co.uk/pra/Documents/publications/policy/2014/solvency2calctechcp714.pdf

Comments: (0)

Comment on this story (membership required)

Latest posts from Retired

An industry matured: highlights from Mobey Day 2016

18 October 2016  |  953 views  |  0 comments | recomends Recommends 0 TagsRetail bankingInnovation

Reorganising for the Age of Collaboration

27 September 2016  |  2535 views  |  0 comments | recomends Recommends 0

Fintech innovation in the B2B space has only just begun

12 September 2016  |  13657 views  |  1 comments | recomends Recommends 0 TagsPaymentsInnovation

Protecting Data with DLP

23 August 2016  |  5345 views  |  0 comments | recomends Recommends 0 TagsSecurityBrexit

How to end what ails online commerce

22 August 2016  |  4780 views  |  1 comments | recomends Recommends 0 TagsPaymentsTransaction banking

Retired's profile

job title
location
member since 2014
Summary profile See full profile »

Retired's expertise

What Retired reads
Retired writes about

Who's commenting on Retired's posts

Alex Aleksandrovski
Ketharaman Swaminathan
João Bohner
Steven Hatton
Graham Seel
Nikhil Thadani
Gerard Hergenroeder
Konstantin Rabin
Dharmesh Mistry
Matt Schofield
Anna Robert
Ian Davis