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Financial Services analysis: As the deadlines for approvals move ever closer Catherine Drummond, a partner in Lane Clark & Peacock’s insurance consulting practice, says with the Prudential Regulation Authority (PRA) reiterating its no-nonsense stance on Solvency II regulation, clear guidance on its expectations enables firms to better align their plans to maximise their chances of approval.
PRA sets out Solvency II approvals policy, LNB News 15/10/2014 116
The PRA’s expectations of firms in relation to Solvency II approvals are set out in a draft supervisory statement issued for consultation. The statement also provides details regarding the PRA’s pre-application process for approval to use the matching adjustment and provides clarity in relation to applying for certain Solvency II approvals. The consultation is open until 9 January 2015. Firms can formally submit applications to the PRA for Solvency II approvals from 1 April 2015.
The PRA’s consultation paper seeks views on a draft supervisory statement which clarifies the PRA’s expectations of firms applying for Solvency II approvals, specifically in relation to:
- exclusion of an entity from the scope of group supervision
- producing a single own risk and solvency assessment (ORSA)
- solvency and financial condition report dispensation
The supervisory statement is intended to help streamline the transition to Solvency II by providing firms with detailed check-lists and clear guidance on the evidence required to apply for regulatory approval. This should help firms focus their efforts as they compile their applications and will also help the PRA with processing the applications by improving consistency of application formats.
It also sets out guidelines for the pre-application process for firms intending to make use of the matching adjustment. While not compulsory, the PRA strongly encourages firms to participate in the pre-application process
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