PRA announces it will broadly follow EIOPA's Solvency II reporting recommendations in wake of COVID-19

On Monday I published an article on how EIOPA has recommended some flexibility in the Solvency II reporting deadlines for insurers as a result of COVID-19.

This was to help insurers to focus on ensuring business continuity while assessing the impact of COVID-19 on their operations.

Later that day, the PRA announced that it will broadly follow EIOPA’s recommendations.

A key difference in the PRA’s announcements is that Regulatory Supervisory Reports (RSRs) are not required for the year-end 2019.

In addition, the PRA has afforded firms a 4-week delay in the solo and group level quarterly QRTs for quarter-ends from 31 March 2020-29 June 2020 (inclusive), compared to EIOPA’s delay of just 1 week.

For annual reporting for firms with year-ends from 31 December 2019 – 31 March 2020 (inclusive), the PRA has also confirmed that submission of firms' ORSAs, National Specific Templates, internal model outputs and Standard formula reporting for firms with an approved internal model may be delayed for up to 8 weeks. Market Risk Sensitivities submissions may be delayed by up to 4 weeks.

Follow this link to read the requirements in full.