PRA

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.

The regulator has set out priorities for monitoring climate risks for the financial system and how it will address climate-related gaps in the regulatory regime.

The regulatory reform will require the PRA to change the shape of what the directorate does, according to BoE’s Sam Woods.

The regulator will propose quantitative metrics that Parliament could use to hold the regulator accountable for achieving a new growth objective.

The PRA’s Charlotte Gerken has set out the regulator’s initial thinking on tracking inward investment to the London market, among other measures, to implement its new economic growth duty.

The regulator made the comments in correspondence with MPs amid ongoing discussion on Solvency II reform.