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14th January 2018
PRA consults on proposed changes to Solvency II to reduce reporting burden for smaller UK insurers
Consultation Paper 2/18
Regulatory reporting – insurance sector
Published on 11 January 2018
In consultation paper CP2/18 published on Thursday, 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.
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.
The consultation closes on 13th April. The PRA invites feedback on the proposals set out in this consultation.
Commenting on a consultation paper, Steven Findlay, head of Prudential Regulation at the Association of British Insurers (ABI) said “We estimate Solvency II has resulted in the reporting burden on UK insurers increasing by between four and eight times. Today’s move by the PRA proposing some reductions to this is another step in the right direction and will be particularly helpful to smaller firms in easing this disproportionate burden they are facing.
These changes are part of a broader set of reforms that the UK insurance industry has proposed and the Treasury Select Committee recently endorsed. There still remains plenty of opportunity for the PRA to go further to ensure our insurance industry is able to fulfil a vital role in helping Britain thrive post Brexit.”
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