PRA has published updated Supervisory Statements on:
- regulatory reporting, internal model outputs, and on ORSA and the ultimate time horizon for non-life firms. The new policies take effect for all financial year-ends on or after 31 December 2018;
- internal models – modelling of the volatility adjustment and am amended SS on internal models – assessment, model change and the role of NEDs. The expectations set out in the papers take immediate effect from 17 October;
- external audit, specifically PRA’s proposal to remove the audit requirement for small insurers. These changes take effect from 15 November; and
- supervisory approval for the volatility adjustment. These changes took immediate effect from 17 October.