1
Background
1.1
The Prudential Regulation Authority (PRA) is required to publish technical information (TI) that the PRA considers appropriate for the valuation of insurance liabilities.[1] This Statement of Policy (SoP) explains how the PRA fulfils its obligations in this regard. UK firms should use the PRA’s published TI for regulatory reporting from and including 11:00pm on Thursday 31 December 2020.
Footnotes
- 1. Regulation 3 of the Insurance and Reinsurance Undertakings (Prudential Requirements) Regulations 2023: www.legislation.gov.uk/uksi/2023/1347/made. The PRA published the first set of TI in January 2021.
- 30/06/2024
1.2
This SoP is relevant to all UK Solvency II firms, including the Society of Lloyd’s and its managing agents, hereafter referred to as ‘UK insurers'.
- 01/09/2022
1.3
The PRA refers to the currencies in which it publishes TI as ‘PRA relevant currencies’.
- 01/09/2022