General Insurance Article - PRA consultation paper on changes in insurance reporting


In this consultation paper (CP), the Prudential Regulation Authority (PRA) proposes a number of regulatory reporting changes designed to reduce the burden for Solvency II firms and mutuals whilst maintaining the PRA’s ability to meet its statutory objectives and to supervise firms.

 The CP is relevant to all UK Solvency II firms, Society of Lloyd’s and its managing agents and mutuals. 

 Summary of proposals
 The proposals in this CP have been developed by the PRA as part of its work on adjustments to the insurance prudential framework in light of experience following the UK’s implementation of Solvency II, including areas recommended for reform by the Association of British Insurers (ABI) and discussed with the Treasury Committee (see News Release, 25 October 2017).

 Responses and next steps
 This consultation closes on Friday 13 April 2018. The PRA invites feedback on the proposals set out in this consultation. Please address any comments or enquiries to cp2_18@bankofengland.co.uk.

  

 Changes in insurance reporting requirements 

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