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PRA offers modification by consent for third-country pure reinsurance branches

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Published on: 14 December 2023

Published by LNB News

LNB News 14/12/2023

Document Information

Issue Date: 14 December 2023

Published Date: 14 December 2023

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

Article summary

The Prudential Regulation Authority (PRA) is offering an updated modification by consent (MbC) to allow pure reinsurance third-country branches to continue to apply the PRA’s November 2021 MbC, due to expire on 31 December 2023, until the implementation of relevant Solvency II reforms. The updated MbC will extend current relief, including in relation to reporting and branch capital requirements. It will expire on 30 December 2024.

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