With a regulatory shakeup on the agenda for insurance firms, this content focuses on the regulatory objectives of the FCA and the PRA, before highlighting the steps insurers can take to effectively structure a resilience programme to align with the regulatory requirements.
As technology advances, the ability to analyse vast amounts of data is driving up the requirement within the insurance industry for well governed risk management models. This content highlights the implications for insurance providers and why a robust approach to model risk management is required.
Regulators are turning their attention to building the operational resilience of the UK financial system. This whitepaper looks at the likely implications of any future operational resilience regulation on the way an institution manages non-IT supported applications and processes.
Data lineage plays a big part in helping insurers quickly gather the information they need to rapidly respond when the PRA or FCA come calling. This one page blog briefly outlines why data lineage is a vital component of any effective data architecture and its relevance to insurers.
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.