Governance, systems and controls requirements for insurers
Produced in partnership with Nicholas Thompsell of Fieldfisher
Governance, systems and controls requirements for insurers

The following Insurance & Reinsurance practice note produced in partnership with Nicholas Thompsell of Fieldfisher provides comprehensive and up to date legal information covering:

  • Governance, systems and controls requirements for insurers
  • Introduction
  • Threshold conditions
  • PRA regulation
  • PRA approach
  • PRA Rulebook
  • General governance requirements
  • Risk management requirements (relevant to systems and controls)
  • Internal control and internal audit
  • Actuarial function
  • More...

IP COMPLETION DAY: 11pm (GMT) on 31 December 2020 marks the end of the Brexit transition/implementation period entered into following the UK’s withdrawal from the EU. At this point in time (referred to in UK law as ‘IP completion day’), key transitional arrangements come to an end and significant changes begin to take effect across the UK’s legal regime. This document contains guidance on subjects impacted by these changes. Before continuing your research, see: Brexit—Insurance & Reinsurance—overview.

BREXIT: The UK is leaving the EU on exit day (as defined in the European Union (Withdrawal) Act 2018). This has an impact on this Practice Note. For further guidance, see Practice Note: Impact of Brexit: Solvency II—quick guide.

Introduction

The requirements on UK insurers concerning the topics of governance, risk management, systems and controls are all interlinked and should be approached in a holistic manner. For an insurer, there is also conceptually an overlap between what may be regarded as governance or systems requirements and what may be regarded as capital or liquidity requirements—but these latter requirements (each a huge topic of itself) are outside the scope of this note.

In the UK, insurers are dual-regulated, with the Prudential Regulation Authority (PRA) taking responsibility for prudential regulation and the Financial Conduct Authority (FCA) taking responsibility for the regulation of business conduct. As a result, the directly applicable rules for UK-based

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