On 16 October 2014, the PRA issued a Solvency II update letter to directors of insurers. Interesting points highlighted in the letter include that, in the PRA's view, insurers are behind schedule regarding internal model work and have not developed contingencies for the potential rejection of internal models. On 15 October 2014, the PRA published a consultation paper regarding Solvency II approvals (e.g. for internal models, matching adjustments and other items), together with a number of checklists for use by insurers when submitting such approval applications. This described PRA expectations and points to be addressed in approval applications. Submissions are invited from 1 December 2014 to 6 January 2014 and firms intending to make submissions should notify their PRA contact by 30 November 2014.