1

Introduction

1.1

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. The Prudential Regulation Authority (PRA) expects firms to read this statement alongside all relevant European legislation and relevant parts of the PRA Rulebook.

1.2

This statement 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).