On 1 October 2018, the PRA issued a consultation paper proposing to make changes to notification and application forms in the following parts of its Rulebook:
- Passporting;
- Change in control;
- Insurance special purpose vehicles; and
- Notifications.
The PRA proposes to update the Branch Notification Form and the Cross Border Services Notification Form (the Passporting forms) to collect passporting data set out by the European Insurance and Occupational Pension Authority’s ‘Decision on the collaboration of the insurance supervisory authorities’ and to change references to ‘insurance mediation’ and the Insurance Mediation Directive to refer instead to ‘insurance distribution’ and the Insurance Distribution Directive, the latter change would correct an administrative error that means the wrong versions of the Passporting forms have entered the PRA Rulebook on 1 October 2018.
The PRA proposes to update the forms in the Change in Control Part of the PRA Rulebook to improve the usability of the forms, and collect information that is otherwise requested separately by adding new questions to the forms.
The PRA proposes to update the Passporting forms; Passporting Declaration; Controllers Forms; Multi-arrangement Insurance Special Purpose Vehicle Assumption of New Risk Notification Form; Group of Cells Notification Form; and the Standing Data Form to provide a link to the General Data Protection Regulation privacy notice.
The PRA also proposes to amend the Change in Control Part of the PRA Rulebook to remove the Controllers forms from the PRA Rulebook. This would mean that when the PRA needs to make administrative or other non-material changes to its forms, similar to those set out in the consultation paper, it would not be required to follow the statutory consultation process for rule changes. These forms would be available on the Bank of England’s website in the same manner as other regulatory transaction forms.
The deadline for comments on the consultation paper is 1 November 2018.
The proposals would be expected to have effect immediately after the publication of final policy.