by Kenneth Underhill | Jan 26, 2023 | Climate Change, Culture, Operational Resilience, Prudential Regulation Authority, Risk, Solvency
On 10th January, the PRA issued a letter to all Life and General Insurers, setting out its supervision priorities for 2023. Nothing in the list of priorities should come as a great surprise to insurance firms, and in a recent meeting with a client we noted that there...
by Claire King | Jan 18, 2023 | Compliance, FCA, Insurers, Operational Resilience, Operations, Prudential Regulation Authority
In the wake of the extensive, and sometimes painful, Operational Resilience projects which have been undertaken by the financial services sector over the last 18 months, comes a sobering reminder of why this regulation is so important. In December 2022, the PRA and...
by Claire King | Jan 10, 2023 | FCA, Prudential Regulation Authority, Senior Managers and Certification Regime, Solvency
The Edinburgh Reforms, launched by the government in December 2022, represent an extensive package of regulatory reforms to the UK Financial Services sector, aimed to support the government’s ambitions for the UK to be the “world’s most innovative and competitive...
by Kenneth Underhill | Nov 28, 2022 | Actuarial, Enterprise Risk Management, Insurers, Prudential Regulation Authority, Risk, Solvency
In an announcement mostly lost to the scrutiny of the Autumn Budget statement, HM Treasury has published its finalised reforms to parts of the Solvency II regime. With the reforms likely to be mostly welcomed by UK Insurers and those International insurers with a UK...
by Kenneth Underhill | Apr 26, 2022 | Authorisations, Compliance, Insurers, Lloyd's, Operations, Prudential Regulation Authority, Risk
Last week, the PRA published their annual Business Plan and proposals for the regulated fees and levies. It is a year that will likely see some significant challenges for the regulator and regulated firms with the Future Regulatory Framework proposals currently being...
by Kenneth Underhill | Mar 15, 2022 | Authorisations, FCA, Operations, Prudential Regulation Authority
Report Contents Introduction Governance Capital Underwriting Reinsurance Claims Actuarial Risk Compliance Internal Audit IT Corporate Additional Changes Summary Introduction There is a trend for MGAs to look at changing from an MGA model into a full insurer. Our...