The PRA has issued a paper summarising the data collection exercises that it intends to carry out in 2014 as part of its Solvency II Directive preparations. The exercises apply to life and general insurance firms, are similar to those used in previous years and consist of the following:
- early May 2014. All firms will be involved in a solvency capital requirement comparison exercise. The exercise will reflect the European Insurance and Occupational Pensions Authority’s technical specification for the preparatory phase, which is due at the end of April 2014. The PRA plans to issue templates in early May, however, this is dependent on EIOPA’s technical specification being published at the end of April;
- early May 2014. As part of the standard formula appropriateness exercise, the PRA will ask all partial internal model and standard formula firms to give an indication of the non-internal model approval process (IMAP) approvals they may request;
- early May 2014. The standardised risk information survey will be repeated which will affect all IMAP and selected non-IMAP firms;
- early September 2014. All IMAP firms will be involved in an early warning indicators exercise;
- end of the fourth quarter of 2014. General insurance firms will be asked to carry out a stress testing exercise; and
- end of the fourth quarter of 2014. General insurance firms will be asked to carry out an exercise relating to their assessment of the valuation of technical provisions on a Solvency II basis.
View Data collection exercises in 2014, 14 April 2014