The Prudential Regulation Authority (PRA) is a part of the Bank of England and responsible for the prudential regulation and supervision of banks, building societies, credit unions, insurers and major investment firms. It sets standards and supervises financial institutions at the level of the individual firm.
The PRA has two statutory objectives: to promote the safety and soundness of these firms and, specifically for insurers, to contribute to the securing of an appropriate degree of protection for policyholders. It makes an important contribution to the Bank's core purpose of protecting and enhancing the stability of the UK financial system. There are also statutory requirements - Threshold Conditions - that firms must meet. These include firms maintaining appropriate capital and liquidity, and having suitable management.
Relevant to Solvency II insurance and reinsurance firms holding, or intending to hold, material quantities of assets exposed to market risk, this consultation paper sets out the PRA’s proposed expectations for the reporting of sensitivities of solvency positions to key market risks.
This policy statement provides feedback to responses to the PRA Consultation Paper 1/17 ’Financial Services Compensation Scheme – Management Expenses Levy Limit 2017/18’ (the CP) and final rules for the Financial Services Compensation Scheme (FSCS) Management Expenses Levy Limit (MELL) for 2017/18.
In this consultation paper, the Prudential Regulation Authority sets out proposals for a one year transitional arrangement for insurance firms’ PRA fees and Financial Services Compensation Scheme (FSCS) levies for the 2017/18 fees year.
This PRA Policy Statement provides feedback to responses to Consultation Paper 18/16 ‘Reporting requirements for non-Solvency II insurance firms’. It sets out final rules for the new reporting requirements that apply to insurance firms that are outside the scope of Solvency II.
Solvency II: Monitoring model drift and standard formula SCR reporting for firms with an approved internal model
In this consultation paper, the Prudential Regulation Authority (PRA) proposes a supervisory statement setting out the PRA’s approach to monitoring model drift and expectations on firms with an approved internal model for the reporting formula Solvency Capital Requirement (SCR).
The PRA and the FCA consulted on a set of proposals for the provision of regulatory references in respect of individuals applying for certain roles at deposit-takers, insurers and investment firms. This policy statement provides information on the corresponding rules that have been made by the PRA.
With the Solvency II and non-Directive firm (NDF) regimes coming into force on 1st January 2016, this supervisory statement sets out the PRA’s expectations of firms in relation to existing rules on the valuation of financial assets.
This consultation paper (CP) seeks views on two draft supervisory statements: internal model reporting codes and components; and life product codes. The CP is of interest to all UK insurance firms and groups within the scope of Solvency II and to the Society of Lloyd’s.
This statement of policy sets out the approach and expectations of the Prudential Regulation Authority (PRA) in relation to transfers of insurance business under Part VII of the Financial Services and Markets Act 2000 (FSMA).
Solvency II: Consistency of UK generally accepted accounting principles with the Solvency II Directive
This consultation paper seeks feedback on a draft supervisory statement which sets out the PRA’s expectations of firms which are considering applying the derogation within Article 9 (4) of the Commission Delegated Regulation (EU) 2015/35 (‘the Solvency II Regulation’).