PRA

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Blog: PRA Explains Its Supervisory Priorities For General Insurers In 2016 / 7

The PRA has published a letter from Chris Moulder, its general insurance director, to the CEOs of the 26 general insurers and Lloyd’s syndicates that participated in its 2015 General Insurance Stress Testing exercise. The...more

Seyfarth Submits Comments to EEOC Regarding Proposed Pay Data Collection under EEO-1 Report

Seyfarth Synopsis in a Second: Seyfarth Shaw submitted comments on behalf of the U.S. Chamber of Commerce and standalone comments on behalf of the Firm and its clients responding to the EEOC’s proposal to mandate that...more

Blog: Solvency II – It’s Not Just About The Model: The PRA’s Expectations Laid Bare

Chris Moulder, the PRA’s Director of General Insurance, delivered a speech to the Worshipful Company of Insurers’ iNED Forum yesterday. Here are the headlines: - The PRA has approved 19 internal models so far. Internal...more

Blog: UK Government Publishes Insurance Linked Securities Consultation

HM Treasury has published an “Insurance Linked Securities: Consultation“, which describes the UK government’s initial thinking about the key features needed to attract ILS vehicles to the UK. The consultation focuses on...more

Blog: The Senior Insurance Managers Regime: Building A Library – Rules On Regulatory References Updated

The PRA and FCA have published a joint policy statement: “Strengthening accountability in … insurance: Implementation of … SIMR; and PRA requirements on regulatory references“. The policy statement includes “Regulatory...more

Blog: Lloyd’s CRO Urges Insurers To Contingency Plan Against The Risk Of #Brexit. Was He Right To Do So?

Lloyd’s Chief Risk Officer, Sean McGovern, spoke to the Insurance Institute of London yesterday about the impact of a possible Brexit on insurers, reinsurers and brokers. The speech was delivered at a sensitive time, and with...more

Financial Services Weekly News - January 2016 #4

Regulatory Developments - Under Review: Deposit Insurance Assessments for Small Banks - On Jan. 21, the FDIC approved revised proposed rules on risk-based federal deposit insurance assessments for small banks...more

Blog: UK’s PRA publishes Questions & Answers on the Senior Insurance Managers Regime

The UK’s PRA has published a set of Q&As on the Senior Insurance Managers Regime that are well worth reading if you outsource your internal audit or actuarial functions, and you’re still struggling to make sense of the rules...more

New rules on whistleblowing for UK financial institutions

The FCA and PRA have announced a new package of rules aimed at formalising whistleblowing procedures within certain financial institutions. The rules will be implemented on 7 September 2016; however firms covered by the new...more

PRA sets out expectations for insurance market

PRA has issued a “Dear CEO” letter on continuing soft market conditions in the UK general insurance sector. The letter explains that continuing low interest rates and another year without significant natural catastrophes are...more

PRA grants first Solvency 2 internal models approvals

PRA has published a list of 19 insurers whose full or partial internal models have been approved for use under Solvency 2 from 1 January 2016. The decision on each application has been provided to the relevant firm, on an...more

PRA issues UK leverage ratio framework policy

PRA has issued a policy statement on how it intends to implement a UK leverage ratio framework following the Financial Policy Committee (FPC’s) direction. PRA considers that this framework will address the risk of excessive...more

PRA updates on Solvency 2 reporting

PRA has updated its webpage on regulatory reporting under Solvency 2 in relation to year end reporting schedules for firms. PRA has updated six non-December year end Solvency 2 reporting schedules following delegated acts...more

PRA fines Raphaels Bank for outsourcing control failings

PRA has fined Raphaels Bank £1,278,165 for breach of what was at the time Principle 2 in relation to outsourcing of provision of ATMs. The bank had agreed in 2006 to enter into a joint venture agreement with a group company...more

PRA finalises approach to Solvency 2 insurance branches

PRA has published a supervisory statement on third-country insurance and pure reinsurance branches under Solvency 2. It is addressed to non-EEA insurance undertakings that have a UK branch (third-country branch undertakings)....more

PRA and FCA report on HBOS failure

PRA and FCA have published a joint report into the failure of HBOS plc. The review seeks to explain why HBOS failed in October 2008 and sets out conclusions and recommendations. The review examines the cultural, structural...more

PRA publishes SIMR for large NDFs

PRA has published a policy statement and new rules on the prudential regime and implementation of the Senior Insurance Managers Regime (SIMR) for non-Solvency 2 firms (see FReD 21 August). It also includes links to...more

PRA consults on capital extractions

PRA is consulting on a draft supervisory statement setting out its views on capital extractions by run-off firms within the general insurance sector. The statement sets out what senior management of general insurance firms in...more

PRA consults on Solvency 2 auditing

PRA is consulting on a policy requiring external audit of elements of Pillar 3 disclosure under Solvency 2. Under Pillar 3, Solvency 2 firms must disclose publicly a Solvency and Financial Condition Report (SFCR). The...more

PRA issues statement on prudential rules for NDFs

PRA has published a supervisory statement for NDFs in relation to capital assessments. It separates parts of the Rulebook for friendly societies from other insurers, but with combined rules relating to governance...more

PRA removes pension obligation risk statement for insurers

PRA has deleted its legacy supervisory statement on pension obligation risk under the individual capital adequacy standards. It concerned the approach that PRA would expect insurers to take when evaluating their capital...more

PRA publishes modification by consent for bail-in

PRA has transposed Article 55 of the Bank Recovery and Resolution Directive (BRRD) through the rules in the Contractual Recognition of Bail-in part of the PRA Rulebook. The rules require firms and holding companies to include...more

UK Banking Regulator Finalizes Rules Requiring Adherence to Contractual Stay

On November 13, the Bank of England’s Prudential Regulation Authority (PRA) published a final policy statement titled “Contractual Stays in Financial Contracts Governed by Third-Country Law” (the PRA Policy Statement). These...more

PRA reminds firms of outsourcing notification expectations

PRA has noted FCA’s consultation on outsourcing guidance and reminded dual-regulated firms it would expect notification from them if they are considering outsourcing critical or important functions to a third party IT...more

PRA finalises contractual stays rules

PRA has published its policy and final rules (the PRA Rulebook: CRR Firms and Non-Authorised Persons: Stay in Resolution Instrument 2015) to ensure that resolution action taken in relation to a relevant firm will not...more

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