Tag Archives: PRA

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

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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

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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

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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

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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.

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Key governance developments – “at a glance” guide for insurers

The governance landscape for insurers continues to develop following the introduction of the Senior Insurance Managers Regime last year and PRA Supervisory Statement SS5/16 on Board Responsibilities.  The Audit Directive, which applies to financial years beginning on or after 17 … Continue reading

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A guide to the Solvency II remuneration rules and final PRA guidelines

The PRA has issued its final supervisory statement(SS10/16) on the remuneration rules under Solvency II. Because the Solvency II regime came into force on 1 January 2016, the PRA is clear that it expects firms to comply with the remuneration … Continue reading

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PRA Decisions under Solvency II: How to appeal them

The PRA is in the course of deciding what approvals, waivers and modifications it should grant to firms as part of the process of bringing the Solvency II regime into force. These cover internal models, the matching adjustment and a variety of … Continue reading

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The PRA’s proposed new rules for insurers on pre-notification of capital instruments

The Prudential Regulation Authority is proposing to extend its rules about pre-issuance notification of capital (own funds) instruments. The proposed rules will apply to insurers and banks, but our briefing focuses on insurers. We suggest that the PRA proposals are … Continue reading

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A new regime for senior insurance managers: changes to the approved persons regime for Solvency II firms

In November 2014, the PRA and the FCA proposed wide-ranging reforms of the Approved Persons Regime (APR) for insurers and reinsurers. The PRA will introduce a Senior Insurance Managers Regime (SIMR), in line with its commitment to extend to insurers … Continue reading

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