PRA sets out timetable of activity for Solvency II

The Prudential Regulation Authority (PRA) has published a timetable of its activity relating to Solvency II into May 2014. This sets out key activities that the PRA considers may be helpful to firms as they make preparations for the new regime.

The timetable includes details that:

. the PRA will publish:

- a consultation paper on "Solvency II: the calculation of technical provisions and the use of internal models" for general insurance firms in mid-March 2014. The consultation will close in mid-April 2014; and

- a supervisory statement on the calculation of technical provisions and the use of internal models will be published by the end of April 2014, although this date is to be confirmed;

· the Solvency II PRA regulatory reporting industry working group will meet in early March and April to aide preparation for Solvency II; and

· the PRA will confirm the plans for its 2014 and 2015 data collection exercises by the end of March 2014.

In line with the timetable the PRA has published a consultation paper on recognition of deferred tax – CP 3/14 for which comments are requested by 19 March 2014.

Related link:

http://www.bankofengland.co.uk/pra/Documents/solvency2/siitimetable180214.pdf