Do the terms "regulatory" and "statutory" mean exactly the same thing? Are "regulatory returns" the same as "statutory returns"? Thanks
yes, Insurance Annual returns, DTI returns, FSA returns, PRA returns, Statutory returns, Regulatory returns. All the same thing over the decades. Many happy returns!
I'm going to go slightly against the flow here and say that I don't think these do always mean the same thing. I would define them as follows: Statutory returns - any return required by statute. Regulatory returns - any return required/requested by a supervisory body. An example of a statutory return that is not regulatory would be a VAT return. An example of a regulatory return that is not statutory would be various Lloyds' returns, e.g. the LCR. Obviously in non-UK jurisdictions, regulatory returns will not be PRA returns. PRA returns - any return required/requested by the PRA. In my experience this normally refers to a data collection exercise that happens around April (?) each year. They all can mean slightly different things but the clue is always in the title!
In the wider General Insurance (or even Insurance - or even financial...) arena, td290, you're absolutely right. In the context of the SA3 Core Reading and Course Notes, however, they're all the same thing. So I guess in the exam, if there's any doubt, just add a few more words to make it clear to the examiners what you're referring to.
