Documents published over the summer provide some insight into how the PRA is supervising insurers. In particular, firms should be aware of a new version of the PRA’s “Approach to insurance supervision” (Approach Document) and of an update on the PRA’s continuing transition from its current Handbook to a new, more concise Rulebook (PS5/14). Read more
Insurers and reinsurers need to prepare for changes to the audit regime applying from June 2016. In particular, requirements for the mandatory rotation of auditors will need to be planned for. Other changes to the current regime are substantial, including tighter restrictions on non-audit services that can be provided by an auditor to an audit client … Read more
The FCA has at last confirmed that it will help mutual life insurers to avoid closure once they can no longer write material levels of new with-profits business. In a move designed to promote competition in retail financial services, the FCA has agreed to implement FSA proposals that aimed to allow mutuals with a viable … Read more
Last November’s announcement that Omnibus II negotiations had, at last, come to an end means that insurers and reinsurers must now focus on what they need to do before 1 January 2016 to prepare for Solvency II. Relatively little of the new regime has been finalised to date. Because of this, firms will have to … Read more
