PRA discusses Solvency II data issues

The Prudential Regulation Authority (PRA) has set up a Solvency II regulatory reporting industry working group, as a forum for the PRA and industry representatives to discuss technical, and practical, implementation challenges.  The PRA has published on its Preparing for Solvency II webpage the minutes of the meeting of the working group held in December 2013.  Among the topics discussed at the meeting were:

• known issues with data - not existing, access to and lack of clarity in requirements; and

• the planned use of eXtensible Business Reporting Language (XBRL). 

The PRA has also published on the webpage a set of questions and answers (Q&As) prepared to help insurance firms and other organisations working on Solvency II with questions they may have on the submission of information, both in the preparatory phase and at implementation.  The Q&As will be updated during the preparatory phase until implementation.  The questions are answered with information available as at February 2014. The PRA webpage on preparing for Solvency II states that the next meeting will be held in early March 2014. 

Related link:

http://www.bankofengland.co.uk/pra/Pages/solvency2/preparing.aspx