Prudential Regulation Authority Executive Director, Insurance, Charlotte Gerken has sent a ‘Dear CFO’ letter on the launch of a qualitative data gathering exercise. The exercise is part of the UK review of Solvency II rules following leaving the European Union. The Qualitative Questionnaire complements the quantitative impact study (QIS) that was launched in July. The aim of the Qualitative Questionnaire is to provide a broader analysis of information, beyond balance sheet impact.
The Qualitative Questionnaire will gather information for three specific purposes: to support the development of Solvency II reforms to enable the regime to be more streamlined and flexible; to understand the business impact of policy design options; and to understand the costs of complying with the new regime and potential costs of possible policy design options.
Responses to the Qualitative Questionnaire are requested by 20 October 2021.