£200m, with as much as 65% of spending allocated to technology. This high portion allocated to technology is not surprising perhaps, given the reporting burden under the regulation. Insurers will have to produce five reports per year, four quarterly reports and an annual report. The first report is due with the regulator on 14 April 2013 – less than two years away. But like the proverbial elephant on the horizon, the deadline is deceptively close. Firms will want to produce at least a few dry runs before the first submission. And, according to Mr Smith, they will eventually want to move to daily risk reporting, which will increase the reporting burden.