Prudential Regulation Authority Rulebook

5.1

The calculations referred to in 4.1 and 4.2 must be carried out at least annually by the relevant insurance group undertakings.

[Note: Art. 219(1) of the Solvency II Directive]

5.2

The relevant data for, and the results of, the calculations referred to in 4.1 and 4.2 must be submitted to the group supervisor by:

1. (1) the participating Solvency II undertakings referred to in 4.1, or by any one of them, in the case of the calculations referred to in 4.1; or
2. (2) the UK holding company or such other undertaking in the group as may be determined by the group supervisor in accordance with regulation 15(1)(c) of the Solvency 2 Regulations or Solvency II EEA implementing measures implementing Article 219(1) of the Solvency II Directive in the case of the calculations referred to in 4.2.
3. (3) Upon request by the group supervisor, where there is evidence to suggest that the risk profile of the group has altered significantly since the date on which the group Solvency Capital Requirement was last reported, the group SCR must be recalculated without delay and reported to the group supervisor.

[Note: Art. 219(1) of the Solvency II Directive]

5.3

The changes to this rule are effective from 23:00 on 31/12/2020.

1. (1) The relevant insurance group undertakings must monitor the group SCR on an ongoing basis.
2. (2) Where the risk profile of the group deviates significantly from the assumptions underlying the last reported group SCR, the group SCR must be recalculated without delay and reported to the group supervisor.
3. (3) Upon request by the group supervisor, where there is evidence to suggest that the risk profile of the group has altered significantly since the date on which the group Solvency Capital Requirement was last reported, the group SCR must be recalculated without delay and reported to the group supervisor.

[Note: Art. 219(2) of the Solvency II Directive]