1.14 The PRA's general approach to insurance reporting reform has been to weigh, on the one hand, the PRA's need for data to meet its statutory objectives (including the primary objectives of insurer safety and soundness and contributing to policyholder protection); and on the other hand, the cost to firms in producing this information. This is consistent with the stated aims of both CPs which sought to improve reporting for the PRA as well as remove elements of historical Solvency II reporting to reduce reporting effort by firms. The PRA considers that addressing one of these aims in isolation to the others, would not meet the PRA's need to improve reporting in some areas. For example, by only deleting templates, any existing reporting issues would continue and known data gaps would be disregarded. This would likely lead to future inefficiencies in reporting that would need to be corrected eventually.
1.15 The PRA has amended the final policy where responses have provided sufficient n
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