This overview is a guide to the Financial Services content within the Prudential requirements for insurers and intermediaries subtopic, with links to the appropriate materials. The subtopic focuses on the Solvency UK regime which derives from Directive 2009/138/EC (the Solvency II Directive). For information about the EU Solvency II framework, see Insurance and reinsurance (EU Law)—overview.
The prudential regulation of insurers in the UK focuses predominantly on the solvency of insurers and the integrity and competence of their senior management and controllers.
Insurers are ‘dual-regulated’. This means that they are authorised and prudentially supervised by the Prudential Regulation Authority (PRA) and regulated for conduct purposes by the Financial Conduct Authority (FCA).
The PRA has a general objective to promote the safety and soundness of insurers to support the stability of the UK financial system. It also has an insurance objective: to contribute to the securing of an appropriate degree of protection for those who are, or might become, policyholders. For more information on the objectives of the PRA, see Practice Note: Prudential Regulation Authority—objectives and principles.
The PRA's approach...
To view the latest version of this document and thousands of others like it, sign-in with LexisNexis or register for a free trial.
**Trials are provided to all LexisNexis content, excluding Practice Compliance, Practice Management and Risk and Compliance, subscription packages are tailored to your specific needs. To discuss trialling these LexisNexis services please email customer service via our online form. Free trials are only available to individuals based in the UK, Ireland and selected UK overseas territories and Caribbean countries. We may terminate this trial at any time or decide not to give a trial, for any reason. Trial includes one question to LexisAsk during the length of the trial.
A round-up of financial services developments, including (among other things) FSB reviews public sector backstop funding mechanisms....
A round-up of financial services developments, including (among other things) ESMA sets out supervisory expectations on unauthorised stablecoins....
The Court of Appeal has overturned the convictions of Jonathan Mathew, Jay Merchant, Alex Pabon, Philippe Moryoussef, Colin Bermingham and Christian...
This week's edition of Financial Services weekly highlights includes: FCA consults on preparations for new transaction reporting regime; ESMA...
Priority between loss reliefs in loss making companiesWhy does it matter?A company that is a member of a group and has incurred any of the types of losses available for surrender by way of group relief may, without any further rules, have more than one way in which to use the loss. There are a
What is the difference between an appeal and a review?What is an appeal?An appeal in insolvency proceedings is no different to an appeal in normal litigation. An appeal will be allowed only if the appeal court is satisfied that the decision of the lower court was 'wrong' or 'unjust because of a
If a beneficiary signs a deed of disclaimer of their share of an estate and the estate pays their legal fees, will that count as a PET against their estate?A disclaimer is the refusal of a gift prior to acceptance. The refusal of the gift must take place before the beneficiary accepts any benefit
Contributory negligence in personal injury claimsContributory negligence is a partial defence which can lead to a discount in damages.Other defences may also be relevant. See Practice Notes: Did the claimant consent to the risk of injury? and Was the claimant involved in an illegal activity?If a
0330 161 1234