The PRA has published a consultation paper setting out its plans to streamline various Solvency II reporting and disclosure requirements for insurers. To achieve this, PRA intends to revoke retained EU Technical Standards for firms’ supervisory reporting and public disclosure under Solvency II, and to make new rules to amend and replace them.
The proposals include, amongst other things:
- removal of the requirements to report a number of Solvency II Quantitative Reporting Templates, the directly associated disclosure templates, and the relevant PRA’s National Specific Templates;
- reduction of the reporting frequency of certain templates from quarterly to either semi-annually or annually;
- amendments to existing reporting and disclosure templates;
- introduction of three templates covering new reporting topics; and
- amendments to the expectations set out in certain PRA SSs to:
- reflect the above proposed reporting changes;
- transfer some expectations contained in a SS to the reporting instructions; and
- clarify references to EU provisions following the UK’s withdrawal from the EU.
The consultation closes on 8 May 2023.