Solvent Exit Planning: Implications of the PRA proposals in CP2/24 On January 23, 2024, the Prudential Regulation Authority (PRA) published a consultation paper (CP) (CP2/24) outlining its proposals for PRA-regulated insurers to prepare for an orderly ‘solvent exit’ as part of business-as-usual (BAU) activities, and to be able to execute such a solvent exit, if … Continue Reading
On November 16, 2023, the Prudential Regulation Authority (PRA) published consultation paper CP24/23: Funded reinsurance, setting out its proposed expectations in respect of life firms entering into or holding funded reinsurance arrangements as cedants. The PRA recognises that such reinsurance arrangements are an important part of risk management. However, the PRA sets out its concerns … Continue Reading
Solvency II: Upcoming PRA consultation on amendments to the matching adjustment Last week, Gareth Truran of the Bank of England gave a speech on behalf of the Prudential Regulation Authority (PRA) outlining recent updates in respect of the reforms to Solvency II (so-called “Solvency UK”). The speech provides a high-level overview of the coming proposals … Continue Reading
On 29 June 2023, the Prudential Regulation Authority (PRA) published consultation paper (CP12/23). CP12/23 is the latest in a number of consultation papers issued by HM Treasury (HMT), the Bank of England (BoE) and the PRA as part of proposals to reform Solvency II. The government’s stated intention of these reforms is to take advantage … Continue Reading
On 21 April 2023, the Financial Conduct Authority (FCA) published a consultation paper (CP23/8) (CP) on proposed rule changes to address issues identified within the multi-occupancy building insurance market which are leading to poor outcomes for leaseholders. Background Over the past few years, the cost of building insurance to residential leaseholders and other property owners … Continue Reading