PRA updates on Solvency 2: PRA has written to insurers with a clarification of its expectations on matching adjustment and internal model applications. Insurers will be able to submit formal applications from 1 April. Before that, PRA will publish a Policy Statement setting out final information on the application process. (Source: Solvency 2: internal model and matching adjustment update)
PRA consults on rule changes: PRA is consulting on minor changes to its rules in respect of:
- definitions and the application of the Internal Capital Adequacy Assessment and capital buffers;
- application of the Fees Manual in respect of transaction reports; and
- amendments to SUP to remove Occupational Pension Scheme firms' reporting requirements.
It asks for comment by 24 March. (Source: PRA Consults on Rule Changes)
PRA updates on CRD 4: PRA has updated its tracker on the fourth Capital Requirements Directive (CRD 4) to reflect that on 10 March PRA decided it would not take forward proposals to amend Supervisory Statement 11/13 on IRB approaches and credit risk. (Source: CRD IV Updates)