12
Phasing-In Plan
12.1
A firm with approval to use the risk-free interest rate transitional measure or the technical provisions transitional measure must:
- (1) immediately inform the PRA as soon as it observes that the SCR is no longer complied with without application of the risk-free interest rate transitional measure or the technical provisions transitional measure
- (2) take the measures necessary to achieve compliance with the SCR by 1 January 2032
- (3) within two months from the observation of non-compliance with the SCR without application of the risk-free interest rate transitional measure or the technical provisions transitional measure, submit a phasing-in plan to the PRA.
[Note: Art. 308e(1) and (2) of the Solvency II Directive]
- 01/01/2016
12.2
A firm’s phasing-in plan must set out the planned measures to establish the level of eligible own funds covering the SCR or reduce its risk profile to ensure compliance with the SCR by 1 January 2032.
[Note: Art. 308e(2) of the Solvency II Directive]
- 01/01/2016
12.3
A firm that updates its phasing-in plan must submit the updated phasing-in plan to the PRA.
[Note: Art. 308e(2) of the Solvency II Directive]
- 01/01/2016
12.4
A firm with approval to use the risk-free interest rate transitional measure or the technical provisions transitional measure and that is subject to the requirement in 12.1(3) must submit annually a report to the PRA setting out the measures taken and progress made to ensure compliance with the SCR by 1 January 2032.
[Note: Art. 308d(5) and 308e(3) of the Solvency II Directive]
- 01/01/2016