Regulatory reporting - insurance sector

Overview

Insurance firms and friendly societies are required to provide regulatory returns to us, whether subject to Solvency II reporting or not. Information needed to understand the regulatory reporting requirements and all updates issued to the requirements can be found below. 

The format required for reporting, including to XBRL filing manual, and how to submit data to the Bank are also provided.

Latest updates

9 December 2024: Based on the questions received from industry as part of the 12 November 2024 taxonomy focussed industry roundtable on regulatory reporting, the PRA have put together a Q&A document.

23 October 2024: We published the Bank of England Insurance Taxonomy v2.0.1 on 10 October 2024, which must be used for reporting with a reference date of 31 December 2024 or onwards. Taxonomy v2.0.1 has been published in line with the final reporting templates and instructions which will be published as part of the policy statement in response to consultation paper CP5/24 – Review of Solvency II: Restatement of assimilated law. We therefore do not expect to publish any further taxonomy updates for the policy statement to CP5/24 in 2024. Industry and software vendors are expected to commence technical implementation activities using taxonomy v2.0.1. Specifically, we would encourage software vendors to adopt the new taxonomy at the earliest opportunity to ensure that firms can participate in user acceptance testing in the second half of November.

10 October 2024: We published the Bank of England Insurance Taxonomy v2.0.1, setting out the technical implementation of the requirements which will be outlined in PRA’s final reporting template and instructions as part of the policy statement to CP5/24 – Review of Solvency II: Restatement of assimilated law. An updated taxonomy 'known issues log' has been published to provide firms and software vendors with updates on the status of the issues. This is the final taxonomy publication and we do not expect to publish any further taxonomy updates this year.

30 July 2024:  Since the publication of the Bank of England Insurance Taxonomy v2.0.0, the PRA has received feedback from firms and identified issues which will be addressed in the hotfix scheduled for early Q4 2024. Consequently, the hotfix scope has changed from just validations to also include the taxonomy annotated templates and thus will be instance impacting. There will be changes and corrections to the DPM modelling, validations and labels. Entry points, table groups and naming conventions will remain unchanged. The PRA will update the taxonomy known issue log with the detail of these issues. A change log between v2.0.0 and the hotfix will be published along with the hotfix package.

30 May 2024: Following the Bank of England Insurance Taxonomy v2.0.0 publication on 29 April we have today published a minor update to the XBRL filing manual and published a taxonomy known issues log. This log will be updated as required to describe issues the Bank of England is aware of in the taxonomy, including status updates and temporary solutions (where relevant).

29 April 2024: We published the Bank of England Insurance Taxonomy v2.0.0, setting out the technical implementation of the requirements outlined in PS3/24 – Review of Solvency II: Reporting and disclosure phase 2 near-final. An updated XBRL filing manual has been published to help firms and software vendors when preparing to report.

Early implementation of reporting measures 

On 8 December 2023 the PRA published Solvency II Review - considerations for year-end 2023. The PRA is now issuing guidance on how firms that do not wish to file the templates set out in statement should report.

• Regular Supervisory Report

The requirement on firms to submit the RSR will be removed with effect from 31 December 2023. The reporting requirement will not be scheduled in the BEEDS portal.

• Proposed changes to the reporting requirements of Solvency II Quantitative Reporting Templates (QRTs)

For a series of template deletions consulted on in CP14/22 and CP12/23 the PRA is content not to receive the templates set out in Table 1 for reporting reference dates falling on or between 31 December 2023 and 30 December 2024, ahead of the proposed implementation of final policy on 31 December 2024. Therefore, any validation checks which relate to these templates will also be deactivated.

Table 1: Template not required for reporting reference dates falling on or between 31 December 2023 and 30 December 2024

The PRA proposes that firms select ‘Not reported’ in the content of the submission template (NS.00.01.01) against the NS.06 template, with reporting for the specified reporting reference dates using the Bank of England Insurance v1.3.1 XBRL taxonomy. The PRA proposes that firms select ‘Not reported other reason’ in the content of the submission template (S.01.01 series) against the remaining templates in Table 1, with reporting for the specified reporting reference dates using the EIOPA Solvency 2.6.0 XBRL taxonomy.

Euro-Sterling value for insurance regulatory purposes

Euro-Sterling value for insurance regulatory purposes

Solvency UK firms

1. Regulatory reporting

a) Reporting schedules

The following document sets out the reporting schedule for a firm with a year end of 31 December:

PRA Solvency UK reporting schedule firms with a year end of 31 December

The following document sets out the reporting schedules for firms with a non-December year end:

PRA Solvency UK reporting schedules firms with a non-December year end

Solvency II firms

There are specific reporting requirements for firms under Solvency II. This section sets out information under the following areas: 

• 1. Regulatory reporting
  1. Harmonised reporting (QRTs and Pillar 3 reporting requirements)
  
  
  2. a. Implementation phases and transitional measures
  3. b. Reporting schedules
  4. c. Reporting clarifications
  5. d. Pillar 3 reporting requirements
  6. e. Legal Entity Identifiers
  1. PRA reporting
  
  
  2. f. National Specific Templates (NSTs)
  3. g. Internal model outputs
  4. h. Solvency II: Data collection of market risk sensitivities
  5. i. Standard formula SCR reporting templates for firms with an approved internal model
  6. j. Quarterly minor model change reporting for firms with an approved internal model

• 2. Technical artefacts and support
• 3. How to report: BEEDS portal (Bank of England Electronic Data Submission portal)
• 4. Frequently Asked Questions

1. Regulatory reporting

Harmonised reporting (QRTs and Pillar 3 reporting requirements)

a) Implementation phases and transitional measures

There are two distinct phases of regulatory reporting and each has different requirements. These are the transitional phase which is the three years following implementation on 1 January 2016, and the period following the transitional phase (from 1 January 2020).

Transitional measures for reporting and public disclosure are set out in Policy Statement 2/15 'Solvency II: a new regime for insurers' and the PRA Rulebook.

The transitional measures relate to:

• the regular supervisory report and annual quantitative templates, including annual national specific templates
• quarterly quantitative templates, including quarterly national specific templates
• the solvency and financial condition report.

b) Reporting schedules

The following document sets out the reporting schedule for a firm with a year end of 31 December:

PRA Solvency II reporting schedule: for firms with a year end of 31 December 

The following document sets out the reporting schedules for non-December year end firms until the end of 2024:

PRA Solvency II non-December year end reporting schedules 

We have provided these dates to help firms prepare for Solvency II but it remains a firm’s responsibility to liaise with their usual supervisory contact to confirm when we require interim reports to be submitted.

Where the reference or submission date falls on a weekend or bank holiday, the last business day before this will apply instead. 

Deadlines for publication of undertakings that produce a single group Solvency and Financial Condition Report (SFCR) 
European Insurance and Occupational Pensions Authority (EIOPA) has clarified that the transitional period in the Solvency II Delegated Regulation relating to single group SFCR publication concludes after the publication of year-end 2019 reports. This means that for the 2019 year-end onwards, firms have 14 weeks from their year-end date to publish their SFCR.

• EIOPA Q&A

c) Reporting clarifications

On Wednesday 20 February, we published PS4/19 ‘Solvency II: Adjusting for the reduction of loss absorbency where own fund instruments are taxed on write down’, and an updated SS3/15 ‘Solvency II: The quality of capital instruments’. This includes a reporting clarification that sets out the basis of how firms can report restricted tier 1 (rT1) instruments in own funds that are classified as equity instruments under International Financial Reporting Standards (IFRS). This note also includes a clarification on how firms can report externally issued, equity accounted rT1 instruments which write down on trigger and are within scope of PS4/19.

This note is relevant to all firms in scope of Solvency II and to the Society of Lloyd’s and relates to the Implementing Technical Standards (ITS) on Supervisory Reporting.

Reporting the reduction in loss-absorbing capacity of own fund instruments that are taxed on write down 

On 11 May 2016, we set out the basis of the correct allocation to the lines of business, and in consequence some issues on the unbundling of contracts, that we expect for reporting insurance contracts under employers' liability insurance and motor insurance. The information in the note below is based on the Solvency II Directors’ update letter of 14 July 2015 on employers' liability insurance and motor insurance which was issued to firms to enable their compliance with Solvency II by 1 January 2016.

This note is relevant to all firms in scope of Solvency II and to the Society of Lloyd’s and relates to the Implementing Technical Standards (ITS) on Supervisory Reporting.

Business line reporting for employers' liability insurance and motor insurance, May 2016 

On 18 December 2015, we set out the basis of preparation on which we will accept look through reporting for Collective Investment Undertakings under template S.06.03.

Basis of preparation on which the PRA will accept look through reporting for Collective Investment Undertakings under S.06.03 

d) Pillar 3 reporting requirements

The Solvency II Pillar 3 regulatory reporting requirements came into force on 1 January 2016. Firms must produce two key reports:

1. the Solvency and Financial Condition Report (SFCR): Firms are required to disclose this report publicly and to report it annually to the local National Competent Authority. The SFCR includes both qualitative and quantitative information.
2. the Regular Supervisory Report (RSR): This is a private report to the supervisor and is not disclosed publicly. Firms submit this report to the local National Competent Authority in full at least every three years and in summary every year. The RSR includes both qualitative and quantitative information.

For more information see the European Insurance and Occupational Pensions Authority (EIOPA) Guidelines on Submission of Information to National Competent Authorities. In addition firms must comply with our rules and expectations as set out in the PRA Rulebook and supporting policy.

e) Legal Entity Identifiers

EIOPA published its Guidelines on the use of Legal Entity Identifiers (LEIs) in September 2014, (EIOPA BoS-14-026). The Guidelines recommend that LEI codes should be used as unique identification codes for all institutions under our supervisory remit. We intend to comply with these Guidelines.

In the UK, LEI codes are allocated and maintained by the London Stock Exchange, which has been endorsed by the UK’s Regulatory Oversight Committee (ROC) as an authorised Local Operating Unit (LOU) for the UK. 

We requested all firms within the scope of Solvency II to request an LEI code by 30 June 2015, while all other insurers should have requested an LEI code by 30 June 2016. 

For firms that are part of a group, we request that all entities within the group obtain an LEI code, including holding and dormant companies. We acknowledge that this may prove burdensome for some firms, however believe there are important advantages of using LEI codes for regulatory reporting across borders and the financial industry. 

Should entities within a firm’s group be unable to obtain LEI codes, we suggest the firm constructs a code in an appropriate format as instructed by EIOPA.

‘For non-EEA undertakings and non-regulated undertakings within the group, identification code provided will be provided by the group. When allocating an identification code to each non-EEA or non-regulated undertaking, it should comply with the following format in a consistent manner: identification code of the parent undertaking + ISO 3166-1 alpha-2 code of the country of the undertaking + 5 digits.’

When a code constructed in this manner is used within the reporting templates, the ‘Type of Code of Undertaking’ should be recorded as a ‘specific code’ rather than an LEI.

We request all firms to notify their usual supervisory contact to confirm that an LEI code has been requested, as appropriate.

PRA reporting

f) National Specific Templates (NSTs)

We have produced National Specific Templates (NSTs) to address those areas which stem from specific national requirements or specificities of local markets, which are otherwise not addressed in the set of Solvency II harmonised templates.

30 November 2019: Following publication of PS21/19 ‘Responses to CP13/19 Occasional Consultation Paper’, the updated templates and LOG files in the table below are now in effect. 

8 April 2019: We published a document to address inconsistencies in the NS.07 template, and assist firms in their submission for year-end 2018. Specifically, it has been identified that in template NS.07 for rows R0420, R0430, R0435, R1710, R1720, R1730, R1930, and R1945, there are some inconsistencies between the NS.07 LOG and the NS.07 template, and within the NS.07 template between the reporting period and the plan years. When submitting NS.07, firms should read the NS.07 LOG file alongside the information provided in the ‘Interpretation of the National Specific Template NS.07 LOG file for year-end 2018 reporting only’ document.

Each Excel template has a corresponding LOG file which includes definitions on how to complete the templates. You should refer to the appropriate rules and Supervisory Statement 6/18 ‘Solvency II: National Specific Templates LOG files’ to determine which templates you may need to submit.

g) Internal model outputs

The templates and LOG files outlining the relevant information requested for internal model output reporting are available below. Please see Supervisory Statement (SS) 25/15 'Solvency II: regulatory reporting internal model outputs' and SS26/15 'Solvency II: ORSA and the ultimate time horizon - non-life firms'.

30 November 2019: Following publication of PS21/19 ‘Responses to CP13/19 Occasional Consultation Paper’, the updated templates and LOG files in the table below are now in effect. 

h) Solvency II: Data collection of market risk sensitivities

30 November 2020: Following publication of PS20/20 ‘Responses to Chapters 2 to 7 of CP3/20 ‘Occasional Consultation Paper’, we updated the Market risk sensitivities data item and instructions, with associated updates to Supervisory Statement 7/17 'Solvency II: Data collection of market risk sensitivities'.

On 18 October 2017, we published Policy Statement 25/17 ‘Solvency II: Data collection of market risk sensitivities’. The associated Supervisory Statement 7/17 'Solvency II: Data collection of market risk sensitivities' sets out our expectations in respect of the reporting of sensitivities of solvency position to various changes in market conditions by firms with material exposure to market risk. It is relevant to Solvency II insurance and reinsurance firms holding, or intending to hold, material quantities of assets exposed to market risk.

Firms in scope can report sensitivities to various changes in market risks half-yearly using the following template.

We will inform firms individually through their usual supervisory contacts whether they fall within the scope outlined above. Out of scope firms that would like to submit the information may do so after discussion with their usual supervisory contact.

i) Standard formula SCR reporting templates for firms with an approved internal model (SF.01) 

The template outlining the relevant information requested for standard formula reporting is available below. Please see Supervisory Statement 15/16 ‘Solvency II: Monitoring model drift and standard formula SCR reporting for firms with an approved internal model’ for more information.

Template SF01 

j) Quarterly minor model change reporting for firms with an approved internal model

On 13 July 2018 we published Quarterly Model Change reporting template QMC01 and QMC01 LOG file in an update to in an update to Supervisory Statement 17/16 ‘Solvency II: internal models – assessment, model change and the role of non-executive directors’.

• QMC01 template (XLSM)
• QMC01 LOG file (PDF)
  
  

2. Technical artefacts and support

Below provides information on the Solvency II taxonomy as well as the Bank of England Insurance XBRL Taxonomy which should be used for regulatory submissions. It also contains a link to the Bank of England's XBRL filing manual.

• Taxonomy known issues log (last updated 15 November 2024) (XLS)
• This list will be updated as required to describe issues the Bank of England is aware of, including status updates and temporary solutions (where relevant).
•  

• Bank of England Insurance taxonomy v2.0.1

• The PRA will publish the final reporting template and instructions as part of the PS15/24 – Review of Solvency II: Restatement of assimilated law to CP5/24 – Review of Solvency II: Restatement of assimilated law, which is expected to be published in mid-November 2024. Version 2.0.1 of the Bank of England Insurance Taxonomy sets out the technical implementation of the above requirements.

• The data point model is there for additional guidance and implementation only. If there is ever a perceived conflict with policy or reporting instructions, then policy and the reporting instructions must be used for interpretation over the DPM. Note that EIOPA dictionary concepts have been retained where deemed applicable, without referencing the corresponding EU policies, regulations and reporting instructions. If errors are identified in policy or the reporting instructions, then please report these using PRA.Firmenquiries@bankofengland.co.uk.

  • Bank of England Insurance Taxonomy v2.0.1 release note (pdf)
  • Bank of England Insurance XBRL Taxonomy v2.0.1 (zip)
  • Bank of England Insurance Taxonomy validations v2.0.1 (zip)
  • Bank of England Insurance Taxonomy sample instances v2.0.1 (zip)
  • Bank of England Insurance Taxonomy Data Point Model (DPM) v2.0.1 (zip)
  • Bank of England Insurance Taxonomy Mapping Document v2.0.1 (xlsx)
  • Change log between v2.0.0 and v2.0.1 (xlsx)

  Bank of England Insurance taxonomy v2.0.0

  In PS3/24 – Review of Solvency II: Reporting and disclosure phase 2 near-final the PRA sets out reporting and disclosure policy reforms which will come into effect on Friday 31 December 2024. Version 2.0.0 of the Bank of England Insurance Taxonomy sets out the technical implementation of these requirements.

  An updated XBRL filing manual has been published to help firms and software vendors when preparing to report.

  • Bank of England Insurance Taxonomy v2.0.0 release note (pdf)
  • Bank of England Insurance XBRL Taxonomy v2.0.0 (zip)
  • Bank of England Insurance Taxonomy validations v2.0.0 (zip)
  • Bank of England Insurance Taxonomy sample instances v2.0.0 (zip)
  • Bank of England Insurance Taxonomy Data Point Model (DPM) v2.0.0 (zip)
  • Bank of England Insurance Taxonomy Mapping Document v2.0.0 (xlsx)
  • Change log between v2.0.0 PWD and v2.0.0 (xlsx)

  Bank of England Insurance taxonomy release v1.3.1

  Version 1.3.1 of the Bank of England Insurance taxonomy is a minor update to ensure row, column, and sheet codes are correctly identified within the label linkbase files. Only the taxonomy package and change log files have been amended since v1.3.0. Please read the release note for further information.

  • Bank of England Insurance taxonomy v1.3.1 release note (pdf)
  • Bank of England Insurance XBRL taxonomy v1.3.1 (zip)
  • Bank of England Insurance DPM v1.3.1 (zip)
  • Bank of England Insurance Sample instances documents v1.3.1 (zip)
  • Bank of England Insurance taxonomy validations v1.3.1 (zip)
  • Change log between v1.2.0 and v1.3.1 (xlsx)
  • Change log between v1.3.0 PWD and v1.3.1 (xlsx)
   

  Bank of England Insurance taxonomy release v1.3.0

  Version 1.3.0 of the Bank of England Insurance taxonomy is an update to support National Specific Templates (NSTs), Internal Model Outputs (IMO), Market Risk Sensitivities (MRS), and Standard Formula Reporting (SFR) reporting.

  There has been no change to reporting requirements and this update is solely making amendments to validation rules and implementing technical bug fixes. Therefore the taxonomy, data point model (DPM) dictionary, annotated templates, and validation rules continue to represent the requirements within Policy Statement (PS) 20/20 ‘Responses to CP3/20 ‘Occasional Consultation Paper’.

  • Bank of England Insurance taxonomy v1.3.0 release note (pdf)
  • Bank of England Insurance XBRL taxonomy v1.3.0 (zip)
  • Bank of England Insurance DPM v1.3.0 (zip)
  • Bank of England Insurance Sample instances documents v1.3.0 (zip)
  • Bank of England Insurance taxonomy validations v1.3.0 (zip)
  • Change log between v1.2.0 and v1.3.0 (xlsx)
  • Change log between v1.3.0 PWD and v1.3.0 (xlsx)

  Bank of England Insurance taxonomy release v1.2.0

  Version 1.2.0 of the Bank of England Insurance taxonomy is an update to support National Specific Templates (NSTs), Internal Model Outputs (IMO), Market Risk Sensitivities (MRS) and Standard Formula Reporting (SFR) reporting. It follows Policy Statement (PS) 20/20 ‘Responses to Chapters 2 to 7 of CP3/20 ‘Occasional Consultation Paper’’, published on Friday 4 September 2020. This will take effect from Monday 30 November 2020.

  • Bank of England Insurance taxonomy v1.2.0 release note (PDF 0.1MB)
  • Bank of England Insurance XBRL taxonomy v1.2.0 (ZIP 11MB)
  • Bank of England Insurance DPM v1.2.0 (ZIP) (2.8MB)
  • Bank of England Insurance Sample instances documents v1.2.0 (ZIP 2.6MB)
  • Bank of England Insurance taxonomy validations v1.2.0 (ZIP 0.3MB)
  • Change log between v1.10 and v1.2.0 (XLS 0.1MB)
  • Change log between v1.2.0 PWD and v1.2.0 (XLS 0.1MB)

  Bank of England Insurance XBRL taxonomy Version 1.1.0

  This version of the taxonomy, data point model (DPM) dictionary, annotated templates and validation rules covers the requirements for the collection of National Specific Templates (NSTs), internal model output (IMO), market risk sensitivities (MRS) and standard formula for firms with an approved internal model (SF.01) reporting which follows Policy Statement (PS) 21/19 ‘Responses to CP13/19 ‘Occasional Consultation Paper’, published on Monday 30 September 2019. This will take effect from Wednesday 30 November 2019.

  • Bank of England Insurance XBRL taxonomy v1.1.0 (ZIP) (23 MB)
  • Bank of England Insurance DPM v1.1.0 (ZIP) (3 MB)
  • Bank of England Insurance taxonomy validations v1.1.0 (ZIP)

  Bank of England Insurance DPM and XBRL taxonomy

  This taxonomy, data point model (DPM) dictionary, annotated templates and validation rules covers the requirements for reporting of internal model output (IMO), market risk sensitivities (MRS), National Specific Templates (NSTs), and standard formula reporting for firms with an approved internal model (SF.01).

  This taxonomy follows Policy Statement (PS) 21/18 ‘Solvency II: Changes to reporting format’ and PS24/18 ‘Solvency II: Updates to internal model output reporting’.

  The taxonomy, data point model (DPM) dictionary, annotated templates and validation rules represent the reporting requirements as set out in: 

  • Supervisory Statement (SS) 25/15 ‘Solvency II: regulatory reporting, internal model outputs’; 
  • SS26/15, ‘Solvency II: ORSA and the ultimate time horizon – non-life firms';
  • SS15/16 ‘Solvency II: Monitoring model drift and standard formula SCR reporting for firms with an approved internal model’; and
  • SS7/17 ‘Solvency II: Data collection of market risk sensitivities’. 

  DPM and XBRL taxonomy v1.0.0 hotfix

  8 April 2019: We released a hotfix for the Bank of England Insurance DPM and XBRL Taxonomy v1.0.0 to address inconsistencies identified. The hotfix release is to be used from 31 December 2018 reference date until a new version is published. The ‘Bank of England insurance validations v1.0.0’ has also been updated. See the release notes for more information.

  • 1. Release notes for the Bank of England Insurance DPM and XBRL taxonomy v1.0.0 hotfix release (pdf)
  • 2. Bank of England Insurance DPM and XBRL Taxonomy - List of known issues (XLSX)
  • 3. Bank of England Insurance DPM v1.0.0 hotfix (ZIP)
  • 4. Bank of England Insurance XBRL taxonomy v1.0.0 hotfix (ZIP)
  • 5. Bank of England Insurance validations v1.0.0 (ZIP)

  DPM and XBRL taxonomy v1.0.0

  The DPM extends EIOPA's Solvency II version 2.3.0 dictionary.

  • Bank of England Insurance XBRL taxonomy v1.0.0 (ZIP)
  • Bank of England Insurance DPM v1.0.0 (ZIP)
  • Bank of England Insurance validations v1.0.0 (ZIP)

  Bank of England XBRL filing manual

  Last updated: 30 May 2024

  We have produced the XBRL filing manual to help firms and software vendors create XBRL instance documents for reporting against Bank of England taxonomies. There is a large degree of flexibility in the XBRL reporting standard and certain decisions have been taken to remove any ambiguity and uncertainty in how to report.

  The aim of the document is to:

  • define filing rules that limit the flexibility of XBRL in construction of XBRL instance documents (in addition to rules defined in the XBRL specifications and Bank of England taxonomies);
  • provide additional guidelines related to the filing of data in general or in specific cases; and
  • provide guidance on common issues found with generating XBRL instance documents and how to resolve them.

3. How to report: BEEDS

Firms will use the Bank of England Electronic Data Submission (BEEDS) portal to submit the required Solvency II regulatory returns.

Firms' CEOs are asked to nominate a principal user who will be responsible for submitting their firm's Solvency II submissions via BEEDS. Principal users are provided with log in details for BEEDS, and additional users can then be set up. Materials are available below to help firms familiarise themselves with the BEEDS portal in time to make their submission by the relevant deadlines.

4. Frequently asked questions

We have put together the list of frequently asked questions (FAQs) to help insurance firms with questions they may have on the submission of Solvency II information.

Firms should note that the preparation of the Solvency II templates should follow the requirements of the Delegated Regulation (EU) 2015/35 and the Implementing Technical Standards, which are directly binding on firms. When this document is read it is recommended it is done so in conjunction with the EIOPA guidance. Any subsequent comment by EIOPA could supersede any answer provided by the PRA in this document.

Technical queries on the reporting material should be presented to EIOPA through relevant trade bodies or alternatively directly to EIOPA using the Q&A form.

To raise further questions with the PRA, firms can contact:

• their named supervisory contact
• the PRA Firm Enquiries Function at PRA.FirmEnquiries@bankofengland.co.uk or 020 3461 7000
• their relevant representative on the PRA regulatory reporting industry working group.

Non-Directive firms

Under Solvency II, non-Directive firms are, in general, those with gross premium income below €5 million and gross technical provisions of less than €25 million. These are not the only criteria that determine whether a firm is out of scope of Solvency II, so firms should therefore review Chapter 2 of the Insurance General Application Part of the PRA Rulebook where in doubt.

Non-Directive firms are subject to the rules in the Non-Solvency II firms sector of the PRA Rulebook which came into effect on 1 January 2016.

How to report

Firms are strongly encouraged to use the Bank of England Electronic Data Submission (BEEDS) portal to submit the required regulatory returns under the non-Directive firm regime.

Firms have been asked to nominate a principal user who will be responsible for making their firm's submissions to BEEDS. We will liaise with the firm’s nominated principal user for all matters related to BEEDS.

Any firm wishing to make secure submissions via the BEEDS portal that has not yet notified us should contact PRA.FirmEnquiries@bankofengland.co.uk.

Firms can also make submissions via email to insurancedata@bankofengland.co.uk. 

Friendly societies

Friendly societies are categorised as either 'Directive' or 'non-Directive', depending on whether they are subject to the EU Life/Non-Life Directives. A friendly society is classified as non-Directive if it meets the definition in the PRA Rulebook Glossary. Otherwise it is classified as a Directive friendly society. Directive friendly societies are generally larger than non-Directive friendly societies.

Directive friendly societies

Directive friendly societies are treated exactly the same as insurance companies from a regulatory reporting perspective and their reporting requirements are governed by the Solvency II Reporting Part of the PRA Rulebook.

Non-Directive societies

All non-Directive friendly societies that fall under the Friendly Society Act 1992 are required to submit their annual accounts within six months of their year-end. If a non-Directive friendly society falls under the Friendly Society Act 1974, then they must submit their annual accounts within seven months of their year-end. In addition, all societies except flat rates benefits business friendly societies and partnership pension societies must submit a triennial valuation (FSC2) and an FSC4 in the years between each triennial return.

How to report

Firms are strongly encouraged to use the Bank of England Electronic Data Submission (BEEDS) portal to submit the required regulatory returns.

Firms are asked to nominate a principal user who will be responsible for making their firm's submissions to BEEDS. We will liaise with the firm’s nominated principal user for all matters related to BEEDS. 

Any firm wishing to make secure submissions via the BEEDS portal that has not yet notified us should contact PRA.FirmEnquiries@bankofengland.co.uk.

Alternatively, returns can be submitted electronically to insurancedata@bankofengland.co.uk.

Industry working group

We hold a Solvency II regulatory reporting industry working group as a forum for industry representatives to discuss technical and practical implementation challenges with us. The working group is not intended as a forum to discuss policy interpretation.

The industry working group first met in November 2013 to discuss the terms of reference and agree the scope of the industry working group. Further meetings have been held regularly since then and a note of each meeting is set out below.

Industry engagement group

We set up a Solvency II regulatory reporting industry engagement group as a forum for industry representatives and members of trade bodies to discuss technical and practical issues with us. The industry engagement group met ten times between November 2021 and November 2022 to discuss various matters including specific templates and implementation dates. Further meetings will be held if required.

Minutes of each meeting are set out below with confidential matters removed to comply with the terms of reference of the group.

Contact us

If you have any queries on regulatory reporting for insurance firms, please contact the Firm Enquiries Team:

Phone: 020 3461 7000
Email: PRA.FirmEnquiries@bankofengland.co.uk

Historical information and materials for insurance reporting are available on The National Archives. 

Technical queries about the RegData system are handled by the Financial Conduct Authority (FCA). Firms experiencing systems issues should contact the FCA Contact Centre in the first instance on 0300 500 0597.

RegData | FCA

Working with the Financial Conduct Authority

We work with the Financial Conduct Authority (FCA) to make sure the regulatory reporting processes for dual-regulated firms are efficient. We want to ensure that firms are only asked to submit data sets once and, to help achieve this, we will share data where it is appropriate to do so. We will also share data on firms that are not dual-regulated where necessary, to ensure that we each have a complete view of the market.

A memorandum of understanding between the FCA and the Bank of England (exercising its prudential regulation functions) sets out how we will work together.

• Memorandum of Understanding between the FCA and the Bank of England(exercising its prudential regulation functions) (PDF)

The Memorandum of Understanding obliges us to consult each other on changes to data/forms that are collected regularly, including the use of shared data definitions; and, the management of data systems to allow for efficient sharing. 

Much regulatory data for PRA firms continues to be collected by the FCA. This includes reporting via the FCA’s RegData system, the submission of firms’ controllers and close links reports and the reporting of changes to firms’ standing data.

Statistical reporting obligations have not changed.