The PRA has published a new Consultation Paper detailing proposed changes to reporting requirements.
The Prudential Regulatory Authority has published Consultation Paper (CP) 14/22 on the Review of Solvency II: Reporting phase 2.
The CP outlines the PRA’s extensive proposals to streamline Solvency II reporting and disclosure requirements for insurers, and its plans to improve data collection where it is not currently tailored to the UK insurance sector, or meeting the PRA’s needs.
The proposals in the CP allow the PRA to meet its statutory objectives while simultaneously reducing reporting costs for firms, and improving competitiveness and proportionality. The consultation closes on 8 May 2023.
As part of the proposals, the PRA wants to revoke the EU Technical Standards which have been retained so far for Solvency II supervisory reporting and public disclosure, and amend them or replace with new rules.
Throughout 2023, the PRA will continue to consult on any further reporting changes which are dependent on other areas of the Solvency II reform. To give firms enough time to plan for the reporting changes, it suggests that the implementation date for proposed changes within CP 14/22 would be for quarterly and annual reporting dates on or after 31 December 2024.
More details can be found here.