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PRA informs firms of findings from its thematic review of funded reinsurance arrangements

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Published on: 15 June 2023

Published by LNB News

LNB News 15/06/2023

Document Information

Issue Date: 15 June 2023

Published Date: 15 June 2023

Jurisdiction(s): England, Northern Ireland, Scotland and Wales

Article summary

The Prudential Regulation Authority (PRA) has published a Dear Chief Risk Officer letter from its executive director for insurance supervision, Charlotte Gerken, providing feedback on the PRA’s preliminary thematic review work on funded reinsurance arrangements. Gerken sees significant potential risks to the PRA’s objectives from the systematic use of FundedRe to meet the increase demand for bulk transfer of defined benefit pension liabilities. Gerkin requests that all firms notify their supervisor promptly of individual material FundedRe transactions entered into from 15 June 2023.

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