Claims

BoE speech on bulk purchase annuity sector priorities

The Bank of England (BoE) has published a speech by its executive director of insurance supervision, Gareth Truran, at the 22nd Westminster and City Annual Bulk Annuities Conference. Truran sets out three priorities for the bulk purchase annuity (BPA) sector: supporting investment, maintaining resilience, and improving transparency. Truran addresses the PRA’s early experience of Solvency UK, focusing on reforms to the Matching Adjustment (MA) regime and to PRA changes to its supervisory engagement including a dedicated MA Permissions Team which aims reach decisions on MA applications quickly and efficiently. Truran also addresses the PRA’s engagement with the National Wealth Fund and its proposed investment accelerator.

CP10/25: PRA consults on supervisory expectations for banks and insurers in managing climate-related risks

The Prudential Regulatory Authority (PRA) has published consultation paper CP10/25 with proposals on updates to its supervisory expectations for banks and insurers in managing climate-related risks. CP10/25 proposes revisions to supervisory statement SS3/19: Enhancing banks’ and insurers’ approach to managing the financial risks from climate change. The proposed revisions incorporate feedback from stakeholders, international standards, and consolidate and clarify PRA public feedback on climate risk since SS3/19 was published. The final SS will replace SS3/19 on publication. Responses are sought by 30 July 2025. David Bailey, PRA Executive Director of Prudential Policy has delivered a speech on the proposed updates to SS3/19, noting the updates enhance the PRA’s expectations and do not represent a change in direction to the PRA’s approach to climate risk.

EIOPA opens six consultations on the EU IRRD

The European Insurance and Occupational Pensions Authority (EIOPA) has launched six consultations papers (CPs), all related to the implementation of the EU Insurance Recovery and Resolution Directive (IRRD), which is set to become operational in 2027. The CPs propose draft guidelines and technical standards covering key aspects such as pre-emptive recovery plans, resolution plans and resolvability of insurance undertakings and groups. Responses to all six CPs are sought by 31 July 2025.

IAIS publishes Year in Review 2024 report

The International Association of Insurance Supervisors (IAIS) has published its IAIS year in review 2024 report. The report details significant milestones, collaborative initiatives, and strategic advancements achieved in 2024. It also offers an overview of the IAIS’s mission, strategy, and its role in the global financial supervisory framework, while also highlighting key achievements from its committees, working groups, task forces, and forums. Additionally, the report introduces the new Strategic Plan for 2025–2029 and summarises the quantifiable deliverables.