Guidance

SS11/16 – Solvency II: External audit of, and responsibilities of the governing body in relation to, the public disclosure requirement

Chapter

Governing body’s responsibility for the SFCR

Printed on: 28/09/2024

Rulebook at: 27/09/2024

2

Governing body’s responsibility for the SFCR

2.1

The Reporting Part of the PRA Rulebook requires that an insurer must have in place a written policy ensuring the ongoing appropriateness of any information disclosed and that the insurer must ensure that its SFCR is subject to approval by its governing body.[3] Therefore the PRA expects the governing body to take responsibility for ensuring that the SFCR has been properly prepared in all material respects in accordance with the PRA rules and Solvency II Regulations.

  • 3. Reporting Part, Rule 6.1(2) Reporting Part, Rule 6.2(1).
  • 30/06/2024

2.2

As well as having a written policy in place to ensure the ongoing appropriateness of any information disclosed, the PRA expects that the governing body should be satisfied that:

  1. (a) throughout the financial year in question, the insurer has complied in all material respects with the requirements of the PRA rules and Solvency II Regulations as applicable to the insurer; and
  2. (b) it is reasonable to believe that, at the date of the publication of the SFCR, the insurer has continued so to comply, and will continue so to comply in future.
  • 30/06/2024

2.3

The PRA expects the governing body to acknowledge and evidence in writing its responsibility for the SFCR and make this available to potential readers of the SFCR by signing the SFCR and attaching the written acknowledgment to the SFCR.

  • 30/06/2024