FSAssist®: UK Non-Directive Firms insurance reporting software
Since launching FSAssist® 15 years ago – it rapidly established itself as the UK’s most popular software package for producing the Annual Insurance Returns to the Bank of England.
Pioneering the Excel based reporting functionality, over half of the country’s insurers opted to use it – covering a huge variety of firms from large composites to specialised marine mutuals.
With the introduction of the new Solvency II regime – there will still be a number of firms who will be exempt from the new requirements. The precise definitions are set out in the PRA rule book, but as a general rule firms with gross premium income below €5 million and gross technical provisions of less than €25million will continue to be regulated with a modified version of the previous regime.
The PRA have published details of the new reporting requirements on their website including policy statement PS19/16 which outlines the reporting requirements. The form instructions, SS14/16, were published on 10 October 2016.
The FSAssist software has been adapted to meet these requirements and we are supporting clients who need to report under the non-directive regime going forward.
The PRA have published the reporting templates (Forms 1-60) which are largely carried over, with a number of detailed sections (especially relating to life business) reduced and indeed some forms have been deleted all together.
What is FSAssist?
FSAssist is a Microsoft® Excel application which allows insurance companies to produce their Annual PRA NDF Return in a familiar spreadsheet environment. The program is designed to give you the full functionality of Excel to manage your data while you complete the necessary NDF forms.
As it operates in a familiar spreadsheet environment the software is extremely easy to use and allows users to produce their returns much more quickly and easily than in the past.
How does it work?
The software is set up by entering details of your company and the business that it transacts. In most cases we can do this for you using your previous return data and you will only need to carry out a quick update for any changes in the past year. A customised workbook containing all of the forms needed to complete your return will then be produced for you.
The workbook created can then be used to:
- Import previous year’s data
- Link to any other relevant data sources you may have (they have to be in an Excel compatible format)
- Data entered into the workbook can then be checked using FSAssist’s extensive validation testing
- All of your supporting documents and supplementary notes can be checked and processed by the software as well
The Key Advantages
- Speed – the data is all held in a transparent Excel environment – which is very familiar to most users and allows for ease of importing, consolidating and calculating data
- Ease of use – because everything works in a familiar Excel environment which mist people are already well used to – little or no additional training is needed to operate the program
- Electronic output files produced enable you to submit the entire return electronically, which grants you a two-week extension to the submission deadline
- Nothing to maintain – as an Excel application there is no special software for your IT department to support, maintain or update
- FSAssist runs on all current supported versions of Excel (from 2007 through to the latest 2016 version)
- Comprehensive support is available through online help, written user instructions and a support team available by phone or email
To find out more
For further information about the FSAssist NDF software, to obtain a quote or arrange a demonstration of the software, please contact us via the web site and a member of our support team will get back to you.