On 2 December 2014, the PRA published a letter (dated 13 November 2014) addressed to the CEOs of UK regulated general insurers, regarding reserving. This sets out the PRA's general expectations concerning reserving and its approach to reviewing reserving processes and levels.  The PRA expects such insurers to pay particular attention to reserving issues such as (a) sources of material uncertainty, (b) governance of reserve-setting, (c) reporting to the Board regarding reserve levels, (d) unexpired risk provision, (e) underwriting, reserving and economic cycles, (f) feedback loops between underwriting, claims and reserving and (g) data quality.  The PRA warns that reliance on prior-year reserve releases to support ongoing underwriting activity should not continue for a substantial period.