Prudential requirements for insurers and intermediaries

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This Overview signposts core materials on prudential requirements for insurers and intermediaries, with links to legislation, rules and guidance.

Prudential supervision safeguards policyholders and market stability. In the UK, the Prudential Regulation Authority sets prudential standards for insurers under FSMA 2000 and the onshored Solvency II framework in the PRA Rulebook and at Lloyd’s, while the Financial Conduct Authority applies prudential rules to intermediaries, principally through MIPRU and the client money regime. Reinsurers follow the regime.

Key issues for insurers include authorisation and permissions; own funds and capital adequacy (SCR and MCR); valuation of technical provisions, including the risk margin; use of the matching adjustment and transitional measures; standard formula versus internal model approvals; governance (fit and proper, key functions and outsourcing); the ORSA; group supervision; and reporting (SFCR, RSR and QRTs). Practitioners should monitor ongoing UK reforms to Solvency II (often described as Solvency UK), and PRA consultations and supervisory statements.

For intermediaries, core topics include capital resources requirements calculated by reference to income and fixed minima, professional indemnity insurance, prudential consolidation where applicable, and interaction with the FCA’s client money rules. Cross‑cutting issues...

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