PRA

The reduced fine reflected the PRA view that the breaches weren’t deliberate.

The strategy is a 10-year plan to drive growth in UK financial services.

The government is consulting on reforms to the existing regulations.

The PRA, FCA and Society of Lloyd’s have agreed to the changes.

The proposals consist of supervisory expectations rather than rules.

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.

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.