The Prudential Regulation Authority (PRA) has published a Policy Statement (PS) to provide feedback to responses to Consultation Paper (CP) 13/19 ‘Occasional Consultation Paper’.
In PS21/19 the PRA sets out its final rules and guidance on issues consulted on in the following chapters of CP13/19:
- Chapter 2: Solvency II: the quality of capital instruments.
- Chapter 3: Solvency II: minor updates to supervisory statements.
- Chapter 4: Regulatory reporting: discontinuation of FSA006.
- Chapter 5: National specific templates.
Annexed to this are a number of Supervisory Statements outlining the PRAs expectations of firms in relation to:
- subordinated guarantees and the quality of capital for insurers;
- own funds;
- completing regulatory reports
- regulatory reporting internal model outputs; and
- the quality of capital instruments.