Following new regulatory reporting requirements, we must now produce two key reports and follow certain rules to make sure we comply with the obligations.
Find out more about the requirements below, as well as three Solvency and Financial Condition Reports.
Solvency II Pillar 3 Reporting Requirements
The Solvency II Pillar 3 regulatory reporting requirements came into force on 1 January 2016 and we must produce two key reports, the Solvency and Financial Condition Report (SFCR) and the Regulatory Supervisory Report (RSR):
- UK firms are required to disclose the SFCR report publicly and to report it to the Prudential Regulatory Authority (PRA) on an annual basis. The SFCR includes both qualitative and quantitative information; and
- The RSR is a private report to the supervisor and is not disclosed publicly. UK firms submit this report to the PRA in full at least every three years and in summary every year. The RSR includes both qualitative and quantitative information.
In addition, we must comply by the Rules set out in Policy Statement 2/15 in relation to submitting national specific templates.
North publishes SFCR’s for North Group and for North of England P&I Association Limited (“North”) and Sunderland Marine Insurance Company Limited (“SMI”) which are North Group’s Solvency II regulated legal entities (solo reports) to meet these requirements and specifically Article 51 Solvency II Directive 2009/138/EC. The SFCR’s have been prepared in accordance with the financial reporting provisions of the PRA rules and Solvency II regulations.
The Club’s parallel mutual reinsurance company, North of England Mutual Insurance Association (Bermuda) Limited (“NEMIA”) is regulated by the Bermuda Monetary Authority and is not part of the North Group UK regulated entity. The North Group SFCR does not include the consolidation of NEMIA results.
The SFCR’s are available below.
New Zealand Solvency Disclosures
The North of England Protecting & Indemnity Association Limited (North) has produced a solo Solvency and Financial Condition Report (SFCR) as at 20th February 2019 (North Solo) as required by the UK Prudential Regulatory Authority. North is also required to produce a SFCR for its Group (North Group) and has done so as at 20th February 2018; the North Group SFCR as at 20th February 2019 will be available shortly.
The actual solvency capital for North Solo at 20 February 2019 is NZ$415.2m. The minimum solvency capital requirement is calculated using a risk based approach as NZ$228.8m. The solvency margin, being actual solvency capital in excess of the minimum solvency capital requirement, is NZ$186.4m and the solvency ratio is 182%.
The actual solvency capital for North Group at 20 February 2018 is NZ$409.7m. The minimum solvency capital requirement is calculated using a risk based approach as NZ$218.4m. The solvency margin, being actual solvency capital in excess of the minimum solvency capital requirement, is NZ$191.3m and the solvency ratio is 188%.
Annual Review 2019
For an overview of the financial standing of the Club as a whole, please refer to our most recent Annual Review 2019.Read more