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PRA issues statement on the recalculation of the transitional measure on technical provisions

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Published on: 06 July 2022

Published by LNB News

LNB News 06/07/2022

Document Information

Issue Date: 06 July 2022

Published Date: 06 July 2022

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

Article summary

The Prudential Regulation Authority (PRA) has issued a statement highlighting its recent invitation to insurance firms to recalculate the transitional measure on technical provisions (TMTP). The PRA would be willing to accept applications from firms to recalculate TMTP as at 30 June 2022. As set out in supervisory statement SS6/16, Maintenance of the transitional measure on technical provisions under Solvency II, as part of any application, the PRA expects firms to be able to demonstrate that a material change in risk profile has occurred.

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