PRA speaks on Solvency II: Julian Adams has spoken on PRA's policy development towards Solvency
II and how regulators and firms should gear up for 2016 implementation. He said PRA's rules would follow
a different approach to the current Insurance Prudential Sourcebook (INSPRU). He said PRA would use
"intelligent copy out" of the Directive and said it would take a pragmatic and proportionate approach to
applying EIOPA's preparatory guidelines. He also spoke on pre-application for internal models and
potential global regulatory changes. (Source: PRA Speaks on Solvency II)
PRA publishes statement on Solvency II preparations: PRA has issued a supervisory statement setting out its approach to implementing EIOPA's guidelines on preparations for Solvency II and its expectation that firms will apply the guidelines in a way appropriate to the characteristics of their business. EIOPA's guidelines cover governance, own risk and solvency assessment, regulatory reporting and pre-application for internal models. On the latter PRA has also published principles on how to submit good quality documentation during the internal model approval process. (Source: Solvency II: Applying EIOPA's Preparatory Guidelines and Documentation in the Internal Model Approval Process)