The Prudential Regulation Authority (PRA) is responsible for the prudential regulation of insurance companies.
There are a number of forms that insurers (general and long-term), directive friendly societies and marine mutuals must send us.
In general terms, Solvency II will apply to all insurance and reinsurance firms. This will include those firms in run off, with gross premium income exceeding €5 million or gross technical provisions in excess of €25m. These are not the only criteria that determine whether a firm is in scope of Solvency II. If in doubt, firms should review Chapter 2 of the Insurance General Application part of the PRA Rulebook.
Firms should refer to the PRA website for information on the qualitative and quantitative reporting requirements under Solvency II. It also sets out the PRA’s expectations of firms following Solvency II implementation and provides reporting schedules along with information on National Specific Templates.
Non-Solvency II Firms (NDFs)
The reporting requirements for firms under the new prudential regime for non-Directive firms can also be found on the PRA website.
If your firm sends us a Mortgage Lenders and Administrators Return (MLAR) you can read these reporting requirements in SUP 16 Annex 19A (PDF file). You should submit the MLAR online through Gabriel, our regulatory reporting system for collecting, validating and storing regulatory data.
Issuing capital instruments
If your firm is planning to issue a regulatory capital instrument, you should send the notification form to [email protected].
Value of euro-sterling
The sterling value of the Euro for insurance regulatory purposes for the 12 month period beginning 31 December 2015 is 71.820 pence. You should use this value when working out your capital resources requirements and on your return.
Read more about the euro-sterling value (PRA site)