Tag Archives: Solvency II
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
Filed under Insurers, 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
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
Filed under 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
Filed under Insurers, Legal/Regulatory
EIOPA opinion on supervisory convergence in light of the UK withdrawing from the EU
The European Insurance and Occupational Pensions Authority (EIOPA) has published an opinion on supervisory convergence in light of the UK withdrawing from the EU.
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
Filed under Insurers, Legal/Regulatory
EIOPA to publish guidance on sound principles for authorisation and supervision post-Brexit
EIOPA has published an interview given by Gabriel Bernardino, EIOPA Chair, which contains comments on the implications of Brexit for the insurance industry.
Filed under Insurers, Legal/Regulatory
Treasury Committee inquiry into Solvency II – the case for change
The House of Commons Treasury Committee (“TC”) is looking at the case for changing, or even replacing, Solvency II in a post-Brexit world. Its inquiry provides firms and industry bodies with perhaps their best opportunity to influence the future content … Continue reading
Filed under Insurers, Legal/Regulatory
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
Filed under Insurers, Legal/Regulatory
A Guide to Solvency II
Insurers and reinsurers operating in European markets are facing change on an unprecedented scale. The main reason for this is Solvency II. Solvency II creates, for the first time, a fully harmonised regime for the prudential regulation of insurance businesses … Continue reading
Filed under Insurers, Legal/Regulatory