Appropriateness of standard formula for SCR brief 2015

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It isn’t news to firms that they have to understand and explain the differences between their own risk profile and the underlying assumptions of their Solvency Capital Requirement (SCR), to demonstrate appropriateness, but it is one aspect of Solvency II preparation that may have sat on the backburner until now.

Until recently much Prudential Regulation Authority (PRA) resource has been dedicated to larger and Internal Model Approval Process (IMAP) insurers. However, with IMAP underway, it seems that the PRA has now started to direct more focus towards smaller standard formula firms.

Read more in our briefing note: