Category: PRA

UK Government & Regulators consult on new ILS regime for the UK

The Chancellor of the Exchequer only mentioned insurance twice, when he delivered his Autumn Statement to Parliament on 23 November 2016: “Insurance premium tax … will rise from 10% … to 12% … next June“; and ” … the government [will] legislate next year to end the compensation culture surrounding whiplash claims – a major area […]

PRA consultation: Supervisory Statement on affirmative & silent cyber underwriting risk

The PRA has published a Consultation Paper, which proposes the adoption of a new Supervisory Statement on affirmative and silent cyber underwriting risk. The consultation closes on 14 February 2017. For these purposes, “cyber underwriting risk” means “the … prudential risks emanating from underwriting insurance contracts that are exposed to losses resulting […]

Solvency II: Group supervision – PRA to update supervisory statement

The PRA has just published “Consultation Paper | CP38/16 Solvency II: group supervision“. The consultation proposals are intended to clarify which parts of the PRA’s “Solvency II: An update on implementation” letter of 25 July 2014 are still current, by drawing them into a more widely updated version of its existing  […]

Solvency II: the PRA on monitoring model drift & standard formula reporting for internal model firms

The UK’s Prudential Regulation Authority has published a brief Supervisory Statement, “SS15/16 Solvency II: Monitoring model drift and standard formula SCR reporting for firms with an approved internal model“. The PRA has long been concerned that internal model quality and output-reliability will gradually fall, if (re)insurers aren’t encouraged to maintain their […]

PRA Consultation: Dealing with a market turning event in the general insurance sector

The UK’s Prudential Regulation Authority (PRA) has published a Consultation Paper (CP) “CP32/16 Dealing with a market turning event in the general insurance sector“.  The CP attaches a draft Supervisory Statement (SS), which sets out the PRA’s expectations “in relation to significant general insurance loss events which might affect firms’ solvency and future business plans“. […]

Solvency II: external audit of the Solvency & Financial Condition Report – PRA made rules

The UK’s Prudential Regulation Authority has published: a brief Policy Statement: “Solvency II: external audit of the public disclosure requirement – PS24/16“; a short Supervisory Statement: “SS11/16: Solvency II: external audit of the public disclosure requirement“; and its made rules: “Solvency II firms and non-authorised persons: external audit instrument 2016″. Long story […]

TSC publishes crowdfunding correspondence with PRA & FCA. “Tax incentives” now at risk?

The UK’s Treasury Select Committee (TSC) has published an exchange of letters with each of the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA). In the covering press release, TSC Chair, Andrew Tyrie MP, argues that “Government policies to promote … crowdfunding … may have the right intention – to increase competition in the SME lending market – but […]