6
The approval process
6.1
Firms wishing to use the transitional measures on the risk-free interest rate or on technical provisions may submit an application to the PRA electronically. For planning purposes, the PRA asks firms to notify their usual supervisory contacts at the earliest opportunity if they intend to make an application.
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6.2
For the approval process on the transitional measures, the PRA intends to apply the following timeframes:
- within 30 days of receiving the application, confirm whether or not the application is complete; and
- within six months of receiving a completed application, determine the application, and give the firm written notice of that determination.
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6.3
If further information is required from the firm during the review, the PRA will request this information in writing.
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6.4
When submitting an application for these transitional measures, firms should inform the PRA of any other approvals for which they have applied. The PRA encourages firms to also give details of any other approvals for which they intend to apply.
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6.5
As part of the application process the PRA may ask firms to obtain an external validation of the calculations they have performed. In such cases, the scope and timescales for the validation will be agreed with firms on a case-by-case basis.
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