PRA
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The changes lift the threshold for companies reporting in the Solvency UK regime to £25mn.
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The consultation will close on 26 April, with the PRA expecting to implement changes in Q4 2025.
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The test will involve simulating a sequential set of adverse events over a short period of time, the watchdog said.
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Insurance Insider has compiled a digest of a complex web of regulatory reforms that will take shape during the next 18 months.
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The regulator plans to start disclosing results for individual insurers from stress tests, as it draws on new legal powers to enhance testing of financial resilience.
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The Prudential Regulation Authority has set out elements that will underpin the implementation of its new objective to harness the financial sector's competitiveness.
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The PRA's Sam Woods said that, after the Solvency II reforms take effect, the government will need to monitor whether insurers invest £100bn in green infrastructure investments.
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The Treasury has set out four options to take effect when insurers, outside the Lloyd's market, are at risk of collapse.
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The new reforms will mean the PRA cutting red tape for insurers to foster competition while maintaining Solvency II standards.
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The UK government is aiming to introduce its changes to the Solvency II regime as soon as practicable.
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Sean McGovern, chair of the London Market Group, outlined why it is critical for the trade body’s outreach programme to build the market’s talent pipeline and attract data science expertise.
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The UK Prudential Regulation Authority plans to publish an annual report showing how it has implemented a statutory duty to enable economic growth and the financial sector’s competitiveness.
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