PRA Introduces New Solvency II Review Requirement

The first stage of the review is to be completed by Q1 2015 and the second stage by Q2 2015. Whilst the review is primarily targeted at internal model firms some of the larger standard formula firms will also be impacted.

On 16 October the PRA announced its intention to require all internal model firms and selected larger standard formula firms to have an independent two stage review of their Solvency II balance sheet, technical provisions (including risk margin) and own funds.

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