The Solvency II Regulations 2015 allow firms to apply to the PRA for permission to undertake a recalculation of the deduction applied pursuant to the transitional measure on technical provisions (TMTP) every 24 months or less. PRA invites firms to submit an application requesting permission to undertake the calculation in line with the expectations set out in SS 6/16.
PRA gave further instructions on how to submit an application, including the email address, wording to be used in the subject bar and content of the email application.
PRA has flagged that permission must be applied for prior to carrying out any recalculations and details of proposed recalculations should not be submitted as part of the application.
Applications should be submitted by close of business on Friday 1 December 2023.