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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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.
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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.
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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.
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The regulatory reform will require the PRA to change the shape of what the directorate does, according to BoE’s Sam Woods.
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The regulator will propose quantitative metrics that Parliament could use to hold the regulator accountable for achieving a new growth objective.
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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.
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The regulator made the comments in correspondence with MPs amid ongoing discussion on Solvency II reform.
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The UK Treasury has set out proposals for a new resolution regime that would be triggered when insurers are on the verge of insolvency.
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The network’s report into how regulators process approvals is the latest study to unearth operational failures at the Financial Conduct Authority.
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The regulator has implemented several changes, which it says will increase UK competitiveness and bolster participation in the UK’s ILS market.
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In a review of financial services firms’ D&I policies that highlighted shortcomings, the regulator said policies need to be holistic, and not generic.
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The government will consult in Q1 2023 on pulling ESG ratings providers into the FCA’s perimeter.
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