The PRA has just published:

  • Solvency II: A new regime for insurers” – a new webpage, which includes links to:
    • Solvency II: A new regime for insurers (PS2/15)” – This policy statement includes the PRA’s Solvency II implementing rules;
    • 17 Solvency II Supervisory Statements – including:
      • SS4/15 – Solvency II: The solvency and minimum capital requirements;
      • SS5/15 – Solvency II: The treatment of pension scheme risk;
      • SS7/15 – Solvency II: Supervision of firms in difficulty or run-off;
      • SS9/15 – Solvency II: Group supervision; and
      • SS10/15 – Solvency II: Third-country branches;
    • 13 national specific templates, together with their “log files” (which include “definitions” on how to complete the templates);
  • Approvals and waivers under the Solvency II Directive” – a new webpage, which:
    • Lists the Solvency II approvals and waivers that firms will be able to apply for, and the PRA will be able to grant, from 1 April 2015;
    • Includes links to information, forms, and guidance about each approval;
    • Includes a link to the PRA’s waivers page, where firms can find Solvency II-specific waiver information and forms;
  • Transitional measures – technical provisions” – which includes links to three downloadable documents:
    • Notes for completion of application material for transitional measure on technical provisions;
    • Supplementary information for applications to apply for the transitional measure on technical provisions; and
    • A Transitionals template;
  • Consultation Paper 11/15 Solvency II: supervisory approval for the volatility adjustment” – This consultation paper seeks feedback on a draft supervisory statement that describes the PRA’s expectation of firms in relation to supervisory approval for the volatility adjustment (VA). In particular, the draft supervisory statement “clarifies:
    • The items that should be included in an application to use the VA;
    • How the PRA will use the content of applications to assess whether the statutory conditions for approval to use the VA have been satisfied; and
    • How the VA approval process will work, and its interaction with other Solvency II approval processes“.

The consultation period for CP11/15 expires on 20 April 2015.

Posted by Cooley