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PRA corrects error in Solvency II standard formula mass lapse life underwriting risk rule

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Published on: 20 December 2024

Published by LNB News

LNB News 20/12/2024

Document Information

Issue Date: 20 December 2024

Published Date: 20 December 2024

Jurisdiction(s): England, Northern Ireland, Scotland and Wales

Article summary

The Prudential Regulation Authority (PRA) has published a statement stating that it has identified and rectified an error in the recently published Solvency II restatement of assimilated law. The error was in rule 3B6.6(1) in the Solvency Capital Requirement - Standard Formula (SCR-SF) Part of the PRA Rulebook published in Policy Statement 15/24. The rule incorrectly included a reference to Regulated Activities Order (RAO) Schedule 1, Part II, class III ('Linked long-term') business, which should be subject to a 70% stress for mass lapse life underwriting risk. The rule instrument correcting the error will take effect on 31 December 2024.

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