PRA

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.

The Treasury has set out four options to take effect when insurers, outside the Lloyd's market, are at risk of collapse.

The new reforms will mean the PRA cutting red tape for insurers to foster competition while maintaining Solvency II standards.

The UK government is aiming to introduce its changes to the Solvency II regime as soon as practicable.

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.

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.

At Trading Risk’s London ILS 2023 conference, the PRA’s head of division for London markets, Andrew Dyer, explained how the PRA is executing its plans to bolster the UK ILS market.

The PRA will undertake work to understand liquidity risk across insurers, after liquidity crises that have engulfed Silicon Valley Bank, Signature Bank and Credit Suisse.