On 19 December 2014, the PRA published a copy of a letter it has sent to the directors of insurance companies containing an update on a number of Solvency II activities. The letter covers information on:
- the internal model approval process (IMAP) pre-application phase and the start of the application process,
- the internal model common application template,
- the role of non-executive directors when considering the internal model,
- the matching adjustment pre-application process,
- the standard formula risk classification for income protection claims in payment,
- the preparatory phase for regulatory reporting – firms will be asked to nominate an appropriate person to be principal user with authority to upload, edit and submit data on the PRA's data collection systems on the firm's behalf,
- standardised risk information – the letter gives a link to the PRA's feedback to general insurance firms.