Prudential Regulation Authority (PRA)
Regulator delays general insurance stress test
The Prudential Regulation Authority has postponed the dynamic general insurance stress test launch as switching from Solvency II to Solvency UK reporting requirements mean providers have enough on their plate in 2025.
PRA finally throws Solvency II on Brexit bonfire
Four years after the Conservative Party promised a Brexit dividend for insurers, the Prudential Regulation Authority has published the set of rules that will replace the European Union’s Solvency II requirements.
PRA chief admits losing Solvency UK ‘row’ with MPs
Sam Woods, CEO of the Prudential Regulation Authority, has admitted the regulator lost the “spectacular row” it had with the Conservative government over the Solvency UK reforms.
Why overseas capacity has become a concern for MGAs
Will Reddie and Bob Haken, partners at law firm HFW, explore the growing concern among managing general agents operating in the UK without capacity, which would put them in breach of regulations and runs the risk of criminal sanctions for both the…
PRA to reduce oversight of Lloyd’s managing agents
The Prudential Regulatory Authority has said that Lloyd’s managing agents will face a “lower level of supervisory interaction”, as the regulator moves to deliver on its competitiveness and growth objective.
Operational resilience: will insurers meet the March 2025 deadline?
Sarah Ouarbya, partner for financial services consulting at Forvis Mazars, examines how insurers should prepare for the Financial Conduct Authority and the Prudential Regulation Authority’s operational resilience rules coming into force.
Regulators challenge two thirds of GI firms on operational plans
Two thirds of general insurance firms have been challenged by regulators on their work to come into line with operational resilience regulations during the last 12 months, a benchmarking exercise by Sicsic Advisory and Oric International has revealed.
Insurtech UK demands MPs tackle barriers to insurtech growth
Insurtech UK has called on the government to tweak regulation to help start-ups and outlined ways to boost the funding available to scale-up more businesses to Lemonade-like proportions.
Why insurers shouldn’t wait for regulatory clarity on AI
Philip White, a lawyer at The Legal Director, explains why insurers should put in place good governance to harness the growing capabilities of artificial intelligence now rather than wait for the watchdog to set rules for the use of this technology.
FCA clarifies approach to non-disclosure agreements
The Financial Conduct Authority has insisted non-disclosure agreements should not prevent whistleblowers working in insurance from sharing the discrimination or harassment they face with the watchdog.
Sam Woods, Prudential Regulation Authority
In the run-up to a general election Sam Woods, chief executive of the Prudential Regulation Authority, has been clear it will be for the government, not regulators, to ensure insurers invest the dividends of forthcoming solvency reforms in the UK.
How many predators are lurking in the City?
Data analysis: Frances Stebbing investigates how movements against sexual harassment have shaped discussions to drive positive changes in the insurance industry.
Gain urges neurodiversity inclusion in FCA D&I plan
The Group for Autism, Insurance and NeurodIversity has called on the Financial Conduct Authority to include neurodiversity as a category in its diversity and inclusion proposal.
How Solvency UK will impact insurers’ credit quality
Data analysis: Post-Brexit Solvency II reforms look unlikely to make UK insurers more appealing to investors, a Fitch Ratings survey has revealed.
Labour promises to rip up red tape for insurers
Tulip Siddiq, shadow economic secretary to HM Treasury, has promised if the Labour party gets into power she will make sure regulation encourages growth and competitiveness in the insurance industry.
Treasury tells insurers to take advantage of Brexit bonfire
Insurers must make the most of the Conservative government ripping up the Solvency II rules and replacing it with Solvency UK requirements, according to Bim Afolami, economic secretary to HM Treasury.
Biba demands more detail from government around regulatory scrutiny
The British Insurance Brokers’ Association has asked for more information about how HM Treasury and parliament will keep tabs on whether the industry’s regulators are doing a good job.
Could COP 28 leave insurers with more stranded assets?
As COP 28 kicks off on 30 November, Emma Ann Hughes examines how the race to net zero is creating stranded assets, affecting insureds and insurers.
Top 100 UK Insurers 2023: Personal lines insurers hardest hit by inflation
Valeria Ermakova, associate director for analytics at AM Best, reveals while reserving for claims inflation is shaking the nation's insurers, actions taken by the top 10 of this year's Insurance Post Top 100 UK Insurers List helped these providers hold…
PRA plans to supervise insurance branches post-Brexit
The Prudential Regulation Authority has set out how it will assess and supervise insurers based overseas with branches operating in the UK.
PRA to undertake general insurance stress test in 2025
In a statement released today, the Prudential Regulation Authority has revealed its intention to run a “dynamic general insurance stress test” some time in 2025.