The PRA has proposed a number of changes to insurance reporting requirements under the Solvency II regime
The ABI has reacted to a consultation paper released by the Prudential Regulation Authority (PRA), which proposes many changes to insurance reporting requirements under the Solvency II regime.
The ABI believes the proposals are “another step in the right direction” and says it will be particularly helpful to smaller firms in easing this disproportionate burden.”
Head of prudential regulation at the ABI, Steven Findlay said:
“We estimate Solvency II has resulted in the reporting burden on UK insurers increasing by between four and eight times. Today’s move by the PRA proposing some reductions to this is another step in the right direction and will be particularly helpful to smaller firms in easing this disproportionate burden they are facing.
“These changes are part of a broader set of reforms that the UK insurance industry has proposed, and the Treasury Select Committee recently endorsed. There still remains plenty of opportunity for the PRA to go further to ensure our insurance industry is able to fulfil a vital role in helping Britain thrive post-Brexit.”