Prudential Regulation Authority (PRA)
Farewell Gibraltar, hello PRA - is the tide about to turn for new UK-regulated insurers?
Content Director's View: With non-standard motor insurer Lumun looking for Prudential Regulation Authority authorisation, Jonathan Swift asks whether we might be entering a new dawn for home grown insurance companies.
Ex-Somerset Bridge CEO Bilney to helm new UK authorised motor insurer Lumun
Former CEO of Somerset Bridge, Liz Bilney hopes to launch a new Prudential Regulation Authority authorised insurer Lumun by Q4 this year, Insurance Post can exclusively reveal.
Editor's Picks: CII clashes, a bonfire of Brexit red tape & cyber criminality
As we approach the end of a non-stop January, the headlines that caught your attention on Insurance Post this month give a distinct flavour of what the rest of 2023 may hold in store for the industry.
How do you solve a problem like cyber?
News Editor's View: With high profile breaches becoming more and more common, is the industry well positioned to help small businesses with the growing threat of cyber attacks?
Will ditching Solvency II deliver a Brexit dividend or disaster for insurers?
Analysis: Rachel Gordon explores whether ditching Solvency II will free up billions of capital for insurers or ramp up risk and weaken consumer protection.
PRA stress tests raise concerns about reliance on reinsurers
The Prudential Regulation Authority intends to assess reinsurance risks that could threaten the financial stability of some general insurers later this year.
Regulator rings alarm bells about ditching Solvency II
The Prudential Regulation Authority has warned MPs that ditching Solvency II requirements will increase the risk of an insurer going bust and the taxpayer being forced to pick-up the bill.
PRA warns insurers to brace for further inflation woes
The Prudential Regulation Authority has told insurers to factor inflation into their business planning, kick the tires of their approach to risk management and prove they can withstand cyber-attacks in 2023.
Most-read insurance stories in 2022 revealed
The most-read Post stories of 2022 show what captured the insurance industry's attention as pandemic restrictions were lifted, inflation soared, many sectors went out on strike for improved pay and cyber-crime continued to escalate.
Government sides with insurers over PRA
Chancellor Jeremy Hunt’s first Autumn Statement delivered the tax hikes and spending cuts that were widely expected as well as the Solvency II overhaul insurers had long hoped for.
MS Amlin Underwriting slapped with almost £10m fine for historic governance failings
The Prudential Regulation Authority has fined MS Amlin Underwriting £9.7m for failings in its governance, controls and risk management in the period between 1 September 2014 and 31 December 2019.
Analysis: Re-merging the financial sector regulators
In 2013, Financial Services Authority was dissolved, and regulation responsibility was split between Financial Conduct Authority and Prudential Regulation Authority with intention it will create a more effective regulation of financial services. Now the…
Content Director's Comment: Is FSA Mk2 really on the cards?
As the final two Conservative leadership hopefuls entered the final furlong of their campaigns towards the end of August, favourite Liz Truss’ camp threw a curveball into the media-sphere with claims if elected she would merge the UK financial regulators…
Aviva’s Amanda Blanc calls on the government and regulator to resolve the issues around Solvency II to help UK ‘level up’
Aviva’s CEO Amanda Blanc has flagged a “discrepancy between the regulator and the industry” in the overhaul of Solvency II regulations and urged the government to support UK insurers levelling up so they can help both the climate and the economy.
Blog: The importance of regulation in holding up the London market
Following the publication of the Lords' Industry and Regulators Committee findings into the regulation of commercial insurance and reinsurance regulation, Mark Huxley, non-executive director at Altus Consulting, ponders how significant regulation is at…
Rishi Sunak and John Glen meeting with insurers could be 'first stage' in implementing Solvency II changes
A meeting between insurers and Chancellor of the Exchequer Rishi Sunak and Economic Secretary to the Treasury John Glen could be the “fist stage” in attempt to work out an agreement for Solvency II changes following Brexit.
Aviva reports 13% spike in fraud; Accredited hails £2bn Policy Expert deal; Urban Jungle to recruit 100; and PRA warns insurers of ‘significant headwinds’ over climate change
For the record: Post wraps up the major insurance deals, launches, investments and strategic moves of the week.
Solvency II consultation moots 30% risk margin reduction for general insurers
The Treasury has launched a consultation on proposed changes to the UK’s Solvency II regime, which it says could “unlock tens of billions of pounds for long-term productive investments”.
Lords Committee expresses concerns of ‘overly demanding’ and ‘burdensome’ regulation of London Market
The Industry and Regulators Committee has written to the Economic Secretary to the Treasury John Glen to outline concerns about lack of proportionality in the regulation of the London Market by the Financial Conduct Authority and the Prudential…
UK regulators are not 'lumbering' and should not mirror Bermuda, says Glen
Calls from the London market to reform the UK regulatory regime to more closely resemble that of, for example, Bermuda should be resisted, the Economic Secretary to the Treasury John Glen has said.
Regulators quizzed on authorisations and competitiveness by Lords committee
Prudential Regulation Authority CEO Sam Woods has said there is “probably” scope to authorise a greater number of insurance entities in response to questions from a House of Lords select committee about the proportionality of regulation faced by market…
UK's insurance sanctions on Russian companies to apply to existing and new business
Sanctions announced last week to bar Russian aviation and space companies from accessing the UK insurance market will apply to both current and new business, according to the Bank of England’s director of risk operations and general insurance Anna…
Changes to Solvency II rules to free up 'meaningful amounts of capital', says Glen
The UK’s rewriting of Solvency II rules will result in the release of “meaningful amounts of capital for productive investment,” John Glen MP, the Economic Secretary to the Treasury, has said.
FCA lacks ‘precision’ and regulators need greater accountability, inquiry hears
London Market trade body representatives have told a Lords’ inquiry that the regulator’s ‘one size fits all’ approach to insurance must change and more accountability is needed.