Prudential Regulation Authority (PRA)
Excluded properties remain contentious as Lords debate Flood Re regulations
Concerns around timing and excluded properties were raised by members of the House of Lords in debating the regulations to govern Flood Re yesterday (27 October).
State of the Insurer Nation Blog: The impact of regulation on insurers and policyholders
Strong regulation of the insurance sector is a necessity that safeguards customer interests, but this needs to be balanced with protecting the commercial viability of insurers.
The State of the Insurer Nation: Week One: Regulation
In the first report of a five-part series covering Post’s latest State of the Nation survey, Mairi MacDonald reports on how regulation of the insurance industry is viewed by insurance CEOs and managing directors and how they think it could work better…
Climate Wise CEOs call for more action to slow climate change
The leaders of 15 Climate Wise members have written to the governor of the Bank of England Mark Carney and the Prudential Regulation Authority for more collective action to reduce the risk of climate change impacting society and, ultimately, the…
Blog: Less than six months to the SIMR - How to prepare
The introduction of Senior Insurance Managers Regime is set to transform organisational structures throughout the insurance sector. With less than six months to go until the legislation comes into force, much of the industry is simply not prepared and…
Blog: The accountability clock is ticking
New rules designed to hold senior managers of insurance firms to account are due to come into force next year.
Europe: The impossible comparison of UK regulatory costs with the rest of the EU
Confirmation this June that the Financial Conduct Authority will be increasing fees for insurers and brokers by 8.5% for 2015/2016 has inevitably raised many eyebrows. A particular bugbear is that UK regulatory costs are perceived to be much steeper than…
Insurers set for Bank of England cyber security follow-up survey
The Bank of England is following up on a 2012 cyber survey to check whether management teams at insurance companies have increased how often they discuss cyber security.
Senior insurance managers' regime rules open to interpretation
The application of the senior insurance managers' regime has been deemed open to interpretation by market commentators, amid predictions brokers could be subject to a similar, more informal, regime in the future.
Carney to unveil new rules for insurance managers this week
Bank of England governor Mark Carney will this week unveil new measures to make insurance managers individually accountable for the failure of their firms, after consulting on proposals earlier this year.
C-Suite - Broker: Individuals under scrutiny
New senior managers accountability regimes take effect soon, what will this mean for those at the top?
Hiscox in ongoing talks with PRA over stress test concerns
Hiscox is engaged in ongoing discussions with the Prudential Regulation Authority about concerns it has with its insurance stress test and is calling for a simulation of a large loss scenario to take place in the first half of 2016.
PRA sets December deadline for final decision on SII models
The Prudential Regulation Authority is to make final decisions about firms' internal Solvency II models in December, according to its insurance supervision executive director Sam Woods.
International Underwriting Association announces opposition to fees increase
The International Underwriting Association has voiced its disappointment with the proposed increase in regulatory fees imposed on UK general insurers.
Non-Solvency II insurers to avoid PRA regulatory burden
Smaller insurers will not be over-burdened with excessive regulation under the Prudential Regulation Authority's proposals for companies outside the scope of Solvency II, according to market observers.
Political Interview: Cathy Jamieson: Bringing big ideas
In the last of Post’s political interviews in the countdown to the General Election, Cathy Jamieson, Labour Shadow Financial Secretary to the Treasury, lays out her party’s aims in government.
PRA consults on ‘proportionate' regime for non-SII senior managers
The Prudential Regulation Authority has released its consultation paper into the senior insurance managers regime for insurance companies outside the scope of Solvency II.
PRA publishes ‘milestone' paper on managers' oversight
The Prudential Regulation Authority has published the scope of its senior managers regime for Solvency II insurers with guidelines on how the regime will apply to non-executive directors to be published later in the year.
PRA publishes final rules for Solvency II implementation
The Prudential Regulation Authority has published its final rules for implementing the Solvency II directive alongside a consultation paper on the application process for the volatility adjustment.
Solvency II NEDs told to ‘up their game' in face of increased regulation
The risk of a decreased talent pool has been highlighted by market players as a potential ramification of “onerous” regulation targeting non-executive directors at Solvency II insurance companies.
SII insurer NEDs to face same regulation as banks
Changes to the banking industry's senior managers regime that affect non-executive directors are to be implemented for Solvency II insurers, the Financial Conduct Authority says.
IUA calls for clarity on individual responsibilities
The International Underwriting Association has called on UK insurance regulators to clearly state the prime authority of company boards over individual responsibilities for complying with industry rules.
IUA airs experience fears over PRA's new insurance lead
The International Underwriting Association has revealed concerns over a lack of insurance experience at the Bank of England after Sam Woods was named executive director of insurance supervision.
PRA names Woods as insurance supervision lead
The Prudential Regulatory Authority has named financial stability strategy and risk director Sam Woods as its new executive director of Insurance supervision, replacing Julian Adams.