Tag Archives: Solvency II

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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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.

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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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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.

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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

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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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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

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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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