Tag Archives: PRA

BREXIT UPDATE – EEA (RE)INSURERS

EEA insurers and reinsurers doing business in the UK under the insurance passport must prepare for the UK’s withdrawal from the EU. We consider, in our latest “At a Glance” guide, the impact of Brexit on the cross-border activities of … Continue reading

Leave a Comment

Filed under At a Glance, Insurers, Legal/Regulatory

PRA AND FCA CLARIFY IMPACT OF BREXIT TRANSITION FOR INSURANCE SECTOR

Recent announcements made by the PRA and FCA clarify their approach to Brexit following the European Council’s agreement to a transition period for the UK’s withdrawal from the EU. In particular, insurers, insurance intermediaries and other financial services firms have … Continue reading

Leave a Comment

Filed under Insurers, Intermediaries, Legal/Regulatory

Brexit – PRA consults on approach to UK branches of incoming insurers

On 20 December 2017, the Treasury, PRA and FCA clarified their approach to EEA-headquartered financial services firms wishing to carry on business in the UK post-Brexit. More recent evidence to the House of Commons Treasury Committee (“TC”) sheds further light on the … Continue reading

Leave a Comment

Filed under Insurers, Legal/Regulatory

Further PRA reform of Solvency II implementation – internal models and reporting

This article was first published on Thomson Reuters Regulatory Intelligence on 17th January 2018. On 12 December 2017, the PRA published the second in a series of three consultation papers on reforms to the Solvency II regime (CP27/17).  The PRA’s … Continue reading

Leave a Comment

Filed under Insurers, Legal/Regulatory

Delay to IDD start date/Guidance on UK approach to Brexit

Delay to IDD start date The EU Commission published draft legislation today (in the form of a proposed Directive and a proposed Delegated Regulation) to delay the IDD start date to 1 October 2018.  It has agreed to requests for … Continue reading

1 Comment

Filed under Insurers, Intermediaries, Legal/Regulatory

PRA proposes reforms to Solvency II regime

This article was first published on Thomson Reuters Regulatory Intelligence. The PRA has published the first of three consultation papers (CP21/17) on reforming the Solvency II regime. The consultation reflects PRA experience of working with Solvency II since its introduction in … Continue reading

1 Comment

Filed under Insurers, Legal/Regulatory

EXTENDING THE SENIOR MANAGERS AND CERTIFICATION REGIME TO INSURERS

The UK Senior Managers and Certification Regime (SMCR) is being extended to all financial services firms during 2018. PRA and FCA proposals applying to insurers build on the Senior Insurance Managers Regime (SIMR) although the transition to the SMCR is … Continue reading

Leave a Comment

Filed under At a Glance, Insurers, Legal/Regulatory

PRA adopts questionable approach to regulatory compliance

Recent comments made by Sam Woods, CEO of the PRA, about the PRA’s approach to supervision are worrying.  A speech prepared for this year’s Building Societies Annual Conference (but not actually delivered) is relevant to all authorised firms, not just … Continue reading

Leave a Comment

Filed under Insurers, Legal/Regulatory

PRA consults on amendments to the Senior Insurance Managers Regime (SIMR)

The PRA has published a consultation paper (CP8/17), which includes proposed amendments and optimisations to the Senior Insurance Managers Regime (SIMR).  It also includes a proposal to strengthen governance through requiring insurers to take steps to encourage board diversity.  This CP … Continue reading

Leave a Comment

Filed under Insurers, Legal/Regulatory

PRA – strengthening individual accountability in banking and insurance (PS12/17)

On 12 May 2017, the PRA published PS12/17 “Strengthening individual accountability in banking and insurance: amendments and optimisations (and associated materials)”, which  provides feedback to responses to Consultation Paper 34/16.

Leave a Comment

Filed under Insurers, Legal/Regulatory