All UK Solvency II firms must comply with Article 275 of the Solvency II Delegated Regulation (EU) 2015/35 in respect of their remuneration policies. The Prudential Regulation Authority (PRA) asks UK Solvency II firms to complete a Remuneration Policy Statement to document remuneration policies and procedures. On 8 May 2019 the PRA published an updated Remuneration Policy Statement template for category 1 and 2 firms. A Solvency II staff table has also been updated. Completion of the template is not compulsory but firms that do not use the PRA template to submit their information must still provide the information that is covered by the template as part of the PRA’s assessment of compliance with Article 275.
The information submitted to the PRA should be approved by the firm remuneration committee (or equivalent body with responsibility for remuneration policy within the business).
The PRA requests that the information in the Remuneration Policy Statement and staff table is submitted by UK Solvency II firms for the most recent reporting period to the Bank of England Electronic Data submission by 31 July 2019.
View: PRA updates Solvency II remuneration policy statement that category 1 and 2 firms