PRA publish Policy Statement and Supervisory Statement on Solvency II: external audit of the public disclosure requirement
The PRA published PS24/16 and SS11/16 on 9th September. They have not made any significant changes to the proposals it set out in CP23/16 – Solvency II: external audit of public disclosure requirement. There have been some minor amendments to the proposed rules and supervisory statement but these are mainly to add clarity to the PRA’s expectations.
For example there has been clarification that the auditor is not expected to express an opinion on the information prepared in accordance with the previous regime as part of transitional measures on technical provisions.
We will be carrying out a full review of the Policy Statement and Supervisory Statement and will update you if we find any changes you should be aware of.