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In this consultation paper (CP) the Prudential Regulation Authority (PRA) proposes a supervisory statement that sets out the PRA’s expectations for the recalculation of the transitional measure on technical provisions (TMTP). |
This CP is of interest to all UK insurance firms within the scope of Solvency II and to the Society of Lloyd’s. In particular, it is relevant to firms that have been granted approval to use, or have been considering applying for, the TMTP.
Summary of proposals
The Solvency II Directive allows firms to apply to their supervisory authority for approval to use the TMTP. Under the Directive, recalculation is permitted, at the initiation of either the firm or the PRA:
The purpose of the draft supervisory statement is to provide clarity on the PRA’s expectations for, and process applicable to, recalculations of this transitional measure. It should be read in conjunction with the Solvency II Firms: Transitional Measures Part of the PRA Rulebook, the rules in the rest of the Solvency II Firms section of the PRA Rulebook, the Solvency II Regulations 2015 (2015/575) and with the European Insurance and Occupational Pensions Authority (EIOPA) Level 3 Guidelines. The draft statement should also be read alongside Supervisory Statement 17/15 ‘Solvency II: transitional measures on risk-free interest rates and technical provisions’ and the ‘Management of the Run-Off of TDTP relief in future years’ section of the Directors’ letter published on 16 September 2015.
Response
The PRA welcomes views on this consultation by Friday 13 May 2016. Please address any comments or enquiries to CP15_16@bankofengland.co.uk.
To download the consultation paeper please click below
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| CONTRACT (12 months): Underwriter | ||
| Fully remote - Negotiable | ||
| CONTRACT (12 months): Senior Underwriter | ||
| Fully remote - Negotiable | ||
| MI Manager | ||
| UK South West / hybrid 2 days in the office - Negotiable | ||
| Senior MI Analyst | ||
| UK South West / hybrid 2 days in the office - Negotiable | ||
| LONDON MARKET CONTRACT: Capital Model... | ||
| London/hybrid 2-3dpw office-based - Negotiable | ||
| Senior M&A Actuary | ||
| London / hybrid 3 dpw office-based - Negotiable | ||
| Market-leading Pricing | ||
| South East or Scotland / hybrid 2 dpw in the office - Negotiable | ||
| Longevity Actuary | ||
| London / hybrid 2 days p/w office-based - Negotiable | ||
| Senior Pensions Administrator | ||
| Flex / hybrid - Negotiable | ||
| Senior Portfolio Analyst | ||
| London - £70,000 Per Annum | ||
| Reserving Actuary | ||
| London - £100,000 Per Annum | ||
| Senior Pricing Actuary - Personal Lines | ||
| London - £130,000 Per Annum | ||
| Senior Manager | ||
| London - £150,000 Per Annum | ||
| Pricing Actuary - Longevity Swaps | ||
| London/hybrid 2-3dpw office-based - Negotiable | ||
| Senior Reinsurance Pricing Actuary | ||
| London - £200,000 Per Annum | ||
| P&C Senior Manager | ||
| London - Negotiable | ||
| Senior Reserving Analyst | ||
| London / hybrid 3 dpw office-based - Negotiable | ||
| Deputy Head of Pricing | ||
| London - £150,000 Per Annum | ||
| BPA Implementation Analyst | ||
| North-West / hybrid 2-3dpw office-based - Negotiable | ||
| Pricing Actuary – London Market | ||
| London / Hybrid - Negotiable | ||
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