On 2 February 2023, the Prudential Regulation Authority (PRA) updated its webpage on waivers and modifications of rules.

The webpage includes updated information on the Modification by consent of Solvency II Reporting 2.2(1), which will exempt category 3 and 4 insurance firms from reporting to the PRA the solo templates provided in Solvency II Regulations with a frequency of less than one year (i.e. quarterly reporting), subject to the table outlined in Supervisory Statement 11/15 ‘Solvency II: Regulatory reporting and limitations’.

This section of the webpage previously stated that the modification was available to category 3, 4 and 5 firms. The PRA has removed category 5 with effect from 31 January 2023, as part of its update to categorising the ‘potential impact’ of firms, although it notes that firms that were previously category 5 are still eligible to apply for this modification.