PRA

By March, firms must be able to show they can remain within impact tolerances.

The workshops will provide feedback on the logistics of producing and running a set of stylised adverse events.

Two-thirds of insurance firms have been challenged about their resilience plans by the regulator.

MGAs are looking hard at capacity arrangements for fear of regulatory action.

The IUA argued the change would change the mutualisation of risk in the market.

The changes lift the threshold for companies reporting in the Solvency UK regime to £25mn.

The consultation will close on 26 April, with the PRA expecting to implement changes in Q4 2025.

The test will involve simulating a sequential set of adverse events over a short period of time, the watchdog said.

Insurance Insider has compiled a digest of a complex web of regulatory reforms that will take shape during the next 18 months.

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.

The Prudential Regulation Authority has set out elements that will underpin the implementation of its new objective to harness the financial sector's competitiveness.

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.