In a Supervisory Statement, the PRA has announced changes to the reporting requirements for third country branches.
The Prudential Regulatory Authority's Supervisory Statement (SS) 44/15 Review of Solvency II Reporting (Phase 1) (published following the publication of PS29/21) outlines changes to the Solvency II reporting requirements for non-EEA insurance undertakings with a UK branch (third country branch undertakings).
Changes have been to made to the annual and quarterly reporting requirements for third country branches.
For reporting purposes, the PRA has split third country branches into three groups:
• Group 1 – branches designated as category one, two or three undertakings
• Group 2 – branches designated as category four or five undertakings
• Group 3 – pure reinsurance branches
Reporting requirements vary for each group. All third country branches have to report minimum capital requirement (MCR) templates S.28.01.01 and S.28.02.01 annually, at the end of the financial year. Full reporting is expected for branches in group one; they must provide quarterly reporting for quarters one, two, three and four, plus annual reporting. More limited reporting is required for branches in group two and three. Group two must provide quarterly reporting for the second and fourth quarters, plus annual reporting. Group three needs to provide annual reporting. All third country branches must use QRTs set out in the EIOPA branch guidelines, and submit in XBRL format. Branch assets to be included in the branch reporting templates depend on how the branch assets would be distributed in a winding up. The PRA expects third country branches to agree with their supervisors on the scope as part of the regulation.
To enable third country branches to fulfil the reporting requirements, Invoke offers a tactical and a strategic reporting solution which both comply with Solvency II. Choose from an integrated automated reporting platform to guarantee compliance, centralise and steer the reporting and disclosure process, or a lighter approach with a bolt-on SaaS solution that allows you to easily produce and validate Pillar 3 reports in the required XBRL format.
Invoke Regulatory is an integrated solution for automated Pillar 3 reporting which is designed to let users manage their Solvency II reporting, centralise the disclosure process and give insurers the chance to enrich the regulatory data model for internal reporting. This unified system allows automated production of Solvency II regulatory disclosures in XBRL format, with scheduled monitoring and validation for each period and data integrity control at every stage and level.
Invoke eFiling is a light, out-of-the-box web portal for producing Pillar 3 reports online in XBRL and complying with Solvency II. Users can either input data directly or import from Excel to easily and securely produce the regulatory reports in regulator-ready XBRL format. It also facilitates tracking, control, signing and archiving of current and past submissions. This is an end-to-end SaaS service, hosted by Invoke which gives it a straightforward setup and requires no technical knowledge from the end user. Guaranteed regulatory maintenance means you remain compliant, with full control of the regulatory filing calendar.
As the European reference in XBRL reporting, Invoke FAS Regulatory S2 and Invoke eFiling are already trusted by major international insurance groups and a number of European regulatory authorities. Contact us to find out how you can benefit from our insurance solutions.