On 4 September 2020, the PRA published Policy Statement 20/20: Responses to chapters 2 to 7 of CP3/20 ‘Occasional Consultation Paper’ (PS20/20). In PS20/20 the PRA provides feedback to responses to chapters 2 to 7 of Consultation Paper 3/20 ‘Occasional Consultation Paper’ (CP3/20). It also includes the final rules, updated supervisory statements, forms, relevant templates and associated LOG files and instructions.

Chapters 2 to 7 of CP3/20 covered:

  • Chapter 2: Minor updates and amendments to instructions for completing PRA110.
  • Chapter 3: Non-Solvency II: London interbank offered rate updates for small insurers.
  • Chapter 4: Solvency II reporting: minor updates, corrections and clarifications.
  • Chapter 5: Senior Managers Regime: Application form updates.
  • Chapter 6: Regulatory reporting: amendments to the branch return.
  • Chapter 7: Regulatory reporting: updates to SS34/15 and minor amendments to PRA101 template.

The PRA received no responses to Chapters 1 to 3 and 5 to 7. It received 3 responses to Chapter 4. Details of the responses and the PRA’s feedback is set out in Chapter 2 of PS20/20.

The implementation dates for the policy changes set out in PS20/20 are:

  • Chapters 2, 3, 6, and 7: Upon publication of the final policy on 4 September 2020.
  • Chapter 4: 30 November 2020.
  • Chapter 5: 25 October 2020.