Prudential Regulation Authority—supervisory approach—insurers
Prudential Regulation Authority—supervisory approach—insurers

The following Financial Services practice note provides comprehensive and up to date legal information covering:

  • Prudential Regulation Authority—supervisory approach—insurers
  • The PRA's strategy
  • What are the PRA’s supervisory objectives for insurers?
  • What are the PRA's threshold conditions?
  • What is the PRA’s approach to supervision?
  • Firm specific supervision
  • Risk assessment framework (RAF)
  • Proactive Intervention Framework (PIF)
  • Supervisory assessment
  • The wider picture

BREXIT: 11pm (GMT) on 31 December 2020 (‘IP completion day’) marked the end of the Brexit transition/implementation period entered into following the UK’s withdrawal from the EU. Following 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 and financial services: materials on the post-Brexit UK/EU regulatory regime.

The PRA's strategy

The PRA and the BoE

Until 1 March 2017, the Prudential Regulation Authority (PRA), was a subsidiary company of the Bank of England (BoE) delivering micro prudential supervision and regulation together with the Financial Policy Committee (FPC) which delivered macro prudential obligations. However, the introduction of the Bank of England and Financial Services Act 2016 (Commencement No. 4 and Saving Provision) Regulations 2017, dated 20 January 2017 brought certain provisions of the Bank of England and Financial Services Act 2016, including sections 12-15, into force ending the subsidiary status of the PRA. From 1 March 2017 the PRA commenced acting through the Bank's Prudential Regulation Committee (PRC). HM Treasury made recommendations to the PRC about aspects of the government’s economic policy to which the PRC will have regard when carrying out its activities. HM Treasury can also direct the Bank to take actions to implement the UK’s obligations under the Capital

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