Insurance (Public Disclosure) Rules 2015 - Schedules

Summary

This document sets out Schedule I to the Insurance (Public Disclosure) Rules 2015, which prescribes the detailed content requirements for the Financial Condition Report (FCR) that certain classes of insurers must prepare and disclose publicly. It specifies the particulars that must be covered under six core topic areas.

• Business and Performance: Insurer name, supervisor and auditor contact details, ownership structure, group structure chart, business written by segment and region, investment performance, and other material information.
• Governance Structure: Board and senior executive structure, remuneration policy, pension schemes, material related-party transactions, fitness and propriety processes, risk management and solvency self-assessment systems, internal controls, internal audit, actuarial function, and outsourcing arrangements.
• Risk Profile: Exposure to underwriting, market, credit, liquidity and operational risk, risk mitigation methods, risk concentrations, prudent person investment principle compliance, and stress testing and sensitivity analysis.
• Solvency Valuation: Valuation bases, assumptions and methods used for assets, technical provisions (including risk margin), reinsurance recoverables, and other liabilities.
• Capital Management: Capital management policy, eligible capital by tier under the Eligible Capital Rules, ECR and MSM amounts, any non-compliance and remedial measures, and details of any approved internal capital model used.
• Subsequent Event: Detailed particulars of significant events occurring after the reporting period, including description, timing, and impact on the most recently filed financial condition report.

These requirements apply to Class 3A, Class 3B, Class 4, Class C, Class D and Class E insurers, who must ensure their financial condition reports address each of these areas with the level of detail specified in the instructions accompanying Schedule I.

Key obligations

• Class 3A, 3B, 4, C, D and E insurers must prepare a financial condition report addressing business and performance, governance structure, risk profile, solvency valuation, capital management, and subsequent events.
• Insurers must disclose organisational structure, ownership, group structure, business segments and financial performance in the business and performance section.
• Insurers must describe governance, risk management, solvency self-assessment, internal controls, internal audit, actuarial function and outsourcing arrangements.
• Insurers must disclose material risk exposures, mitigation methods, risk concentrations, and stress testing/sensitivity analysis results.
• Insurers must disclose valuation bases, assumptions and methods for assets, technical provisions, reinsurance recoverables and other liabilities.
• Insurers must disclose eligible capital by tier, ECR and MSM amounts, and details of any non-compliance and remedial measures taken.
• In accordance with paragraph 4(1), insurers must provide detailed particulars of significant events, including description, timing, and impact on the most recently filed financial condition report.

Applies to

Class 3A insurers, Class 3B insurers, Class 4 insurers, Class C insurers, Class D insurers, Class E insurers