UK Solvency II Review – PRA consults on changes in reporting requirements

The PRA published a consultation paper (CP14/22 - Review of Solvency II: Reporting phase 2) on 7 November 2022 setting out its proposals to streamline regulatory reporting and disclosure requirements for insurers as part of its wider package of Solvency II reforms. The proposed changes aim to simplify and remove several reporting requirements and collect new information to address data gaps in certain key risk areas. The PRA considers that the proposals would reduce ongoing reporting costs for firms, thereby improving competitiveness and proportionality. In addition, the proposals are tailored to reflect the features of the UK insurance sector.  

Download this At a glance to see our summary of the PRA’s proposals and what this means for firms.