Following revisions to its third country branch policies as part of the Solvency UK reforms, on 16 September 2025, the PRA published CP20/25 proposing further reforms which seek to address identified inconsistencies, further streamline the policy framework, clarify expectations and enhance regulatory transparency. Responses close on 16 December 2025 and the majority of the proposals
On 15 July 2025, HM Treasury (HMT) published a consultation paper on proposing new flexibilities to promote innovation and facilitate a wider range of transaction structures within the Risk Transformation Regulations.
The Risk Transformation Regulations 2017 (RTR) cover the issuance of insurance linked securities (ILS) and the use of
On 14 May 2025, the Financial Conduct Authority (FCA) published a new consultation paper (CP25/12) setting out its proposals to simplify the sections of the FCA’s Handbook which apply to insurance firms.
The consultation paper comments on the feedback it received in relation to its previous discussion paper on the Regulation of Commercial
On 21 March 2025, the Financial Conduct Authority (FCA) announced a comprehensive market study into the distribution of pure protection products to individual retail customers (MS24/1.2). This initiative aims to ensure that the market functions effectively and that consumers receive fair value and good outcomes from these products. The study puts commission arrangements
With the first set of reforms due to commence on 15 March 2025, insurers are no doubt gearing up for the implementation of the Financial Accountability Regime (FAR) and Prudential Standard CPS 230 Operational Risk Management (CPS 230). Ahead of this, ASIC and APRA have recently released the FAR Regulator Rules
Background
The Prudential Regulation Authority’s (PRA) published its Policy Statement “Review of Solvency II: Reform of the Matching Adjustment” (PS10/24) and the associated finalised rules and guidance[1] on 6 June 2024. This followed the publication of the PRA’s consultation paper in September 2023 and the enactment of The Insurance and
On 6 March 2024, the European Commission (Commission) published a Corrigendum to Commission Implementing Regulation of 14 December 2022 laying down implementing technical standards as regards supervisory reporting of risk concentrations and intra-group transactions. The Corrigendum amends Annex II Part II of the Commission Implementing Regulation.
On 7 February 2024 the FCA published a letter to all regulated Lloyd’s managing agents, London market insurers and Lloyd’s and London market brokers and MGAs (dated 6 February 2024), requesting information relating to incidents of non-financial misconduct. Culture and non-financial misconduct clearly remain focus areas for the FCA.
Key points to note from the
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
The Financial Services and Markets Act (the Act) received Royal Assent on 29 June 2023. Although certain key provisions (for example the rules relating to critical third parties) came into force on the same date, the Government is taking a phased approach and other provisions will be brought into force on days to be appointed