First published on 15 June 2015
This supervisory statement is of interest to UK insurance firms within the scope of Solvency II and to the Society of Lloyd’s in respect of each of their Syndicates and in respect of outputs of the Lloyd’s internal model. It sets out the PRA’s expectations of firms, and provides further clarity on the information to be reported by firms using an internal model to calculate the solvency capital requirement (SCR).
Where a firm uses an internal model, the PRA is required to evaluate ongoing compliance with the Solvency II internal model requirements. To monitor the performance of the approved internal models over time, the PRA expects firms to report the outputs of their approved internal model on an ongoing basis.
SS25/15 contains templates and log files that the PRA expects firms to use when submitting regulatory reports on its internal model outputs, see below.
SS25/15 was consulted on in Solvency II: further measures for implementation - CP24/14, appendix 5.