Solvency II: 17 Months and Counting

While there has recently been a great deal of focus on development of the Pillar 3 reporting requirements, the Prudential Regulatory Authority (PRA) have made it clear that they expect firms to continue to improve and enhance their Own Risk and Solvency Assessments (ORSAs) during this preparatory phase for Solvency II.

The PRA guidelines anticipate two annual assessments being undertaken during the preparatory period, with the second of these being of a higher standard. This note shares some thoughts and insights on emerging best practice for the ORSA, gained through working with a wide cross-section of the industry and feedback from regulators.