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What are the Prudential Regulation Authority’s (PRA) proposals for implementing the reporting and public disclosure requirements for the Solvency II Directive 2009/138/EC (Solvency II)? Risk and capital management expert, Omar Ripon, partner in accountancy firm Moore Stephens LLP, examines the proposals.
PRA seeks views on reporting and public disclosure options, LNB News 10/08/2015 110
A draft supervisory statement sets out the PRA’s expectations of firms where it has an option to specify a different approach to that published in the Implementing Technical Standards (ITS) for the Solvency II reporting templates and the public disclosure templates. A consultation on options provided to supervisory authorities will last until 21 September 2015.
What is the background to the PRA's consultation paper?
The Solvency II regime introduces for the first time a harmonised, sound and robust prudential framework for insurance firms throughout the EU. It is based on the risk profile of each individual insurance company in order to promote comparability, transparency and competitiveness.
Over its 40 years of existence, the prior Solvency I regime showed structural weaknesses. It was not risk-sensitive—a number of key risks, including market, credit and operational risks were either not captured at all in capital requirements or were not properly taken into account in its approach.
Capital requirements under Solvency II are meant to be forward-looking and economic. They will be tailored to the specific risks borne by each insurer, allowing an optimal allocation of capital across the EU. They will be defined along a two-step ladder incorporating solvency capital requirements (SCR) and minimum capital requirements (MCR) in order to trigger proportionate and timely supervisory intervention. Insurers will be free to invest according to the prudent person principle and capital requirements will depend on the actual risk of investments.
On 10 October 2014 the European Commission adopted the Delegated Regulation (EU) 2015/35 implementing rules for Solvency II (the Delegated Regulation). Following its approval by the European Parliament and Council, this was published in in the Official Journal of the European
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