PRA Rulebook—introduction for the insurance and reinsurance sector

The following Insurance & Reinsurance practice note provides comprehensive and up to date legal information covering:

  • PRA Rulebook—introduction for the insurance and reinsurance sector
  • Structure of the PRA Rulebook
  • Solvency II firms
  • Non-Solvency II firms
  • Non-authorised persons

PRA Rulebook—introduction for the insurance and reinsurance sector

On 29 August 2015, the Prudential Regulation Authority (PRA) published the PRA Rulebook (Rulebook). The transition from the Handbook to the Rulebook was intended to benefit PRA-authorised firms, to access clearer and more concise rules. Alongside the Rulebook, supervisory statements and statements of policy, facilitate a comprehensive understanding of the PRA’s requirements.

The Rulebook is divided up to cover three main sectors: banking and investment, insurance, and non-authorised persons, the first two sectors containing sub-sectors divided into directive and non-directive firms.

The Rulebook can be found here.

Structure of the PRA Rulebook

The three main Rulebook sectors are divided into the following sectors:

  1. Banking and Investment Rules: Capital Requirements Firms (CRR Firms) and Non-Capital Requirements Firms (Non-CRR Firms)

  2. Insurance Rules: Solvency II Requirements Firms (SII Firms) and Non-Solvency II Requirements Firms (Non-SII Firms)

  3. Other Rules: Non-authorised persons

Insurers and reinsurers fall into Solvency II Requirements Firms (SII Firms) and Non-Solvency II Requirements Firms (Non-SII Firms). SII Firms insurance firms who

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