News & Analysis as of

Blog: PRA consultation: Supervisory Statement on affirmative & silent cyber underwriting risk

The PRA has published a Consultation Paper, which proposes the adoption of a new Supervisory Statement on affirmative and silent cyber underwriting risk. The consultation closes on 14 February 2017. For these purposes,...more

Blog: Solvency II: the PRA on monitoring model drift & standard formula reporting for internal model firms

The UK’s Prudential Regulation Authority has published a brief Supervisory Statement, “SS15/16 Solvency II: Monitoring model drift and standard formula SCR reporting for firms with an approved internal model“. The PRA...more

New California Law Mandates Public Disclosure of Private Fund Information

A new California law requires public pension and retirement systems to obtain and publicly disclose information about their investments into venture capital, private equity, hedge and absolute return funds. The law appears to...more

The Financial Report - Volume 5, No. 11 • June 2016 (Global)

Discussion and Analysis - A few years ago, David Blass, then Chief Counsel of the SEC’s Division of Trading and Markets, created a stir when he said in a speech that private fund advisers should be concerned about some...more

Blog: PRA Consultation On Internal Model Changes By UK Insurers

The PRA has published a consultation paper on “Solvency II: Changes to internal models used by UK insurance firms” (CP19/16). The consultation paper includes a short draft supervisory statement, which sets out the PRA’s...more

Blog: PRA To Consolidate Its Collection Of Solvency II Directors’ Letters

Between 1 April 2013 and 15 February 2016, the PRA published a series of Solvency II Directors’ letters, Executive Directors’ letters, and Feedback Statements, so that everyone knew what its expectations were, as it developed...more

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

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