Tag: 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 […]

Solvency II Remuneration Requirements – PRA adopts new Supervisory Statement

The UK’s Prudential Regulation Authority has adopted and published a new Supervisory Statement: “SS10/16 Solvency II: Remuneration requirements“. Solvency II (re)insurers are already: (actually) obliged to comply with article 275 of the Solvency II Delegated Regulation; and (effectively) obliged to comply with EIOPA’s “Guidelines on System of Governance“. The PRA’s Supervisory Statement describes the PRA’s Regulation & Guidelines compliance expectations.