May 5, 2016
The Prudential Regulation Authority (PRA) has published a consultation paper that sets out its expectations of firms and the Society of Lloyd’s in relation to changes to internal models and extensions to the scope of internal models that have been approved under Solvency II.
The paper covers:
- the PRA’s expectations of firms before and during a model change application
- the PRA’s expectations of the quality of firms’ model change applications
- the information the PRA expects to be provided with a model change application.
The complete consultation paper can be found on the PRA’s website by clicking here. The consultation period will run until 5 August 2016.
- Outline of AxiomSL’s solution for Solvency II
- AxiomSL blog post: Time for insurers to step up to Solvency II’s XBRL requirements