On 22 May 2015, the PRA issued a letter sent to directors of insurers, providing an update on matters relating to the implementation of Solvency II. The updates include information relating to (a) internal models (including the requirement for firms to have a model change policy), (b) required regulatory reporting and (c) the PRA's upcoming Solvency II activity timetable up to the end of Q2 of 2015.