First published on 15 November 2024
This supervisory statement (SS) sets out the Prudential Regulation Authority’s (PRA) expectations in respect of insurers applying simplifications to the best estimate and risk margin elements of the technical provisions, expanding on the rules set out in the PRA Rulebook.
This SS is relevant to all UK Solvency II firms, the Society of Lloyd’s, its members and managing agents. Part 2 of this SS is also relevant to third-country insurance undertakings that have a UK branch (third-country branch undertakings).
This SS should be read in conjunction with the Technical Provisions, Technical Provisions – Further Requirements, and Third Country Branches Parts of the PRA Rulebook.