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PRA publishes letter to general insurance firms

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Published on: 13 November 2020

Published by LNB News

LNB News 13/11/2020

Document Information

Issue Date: 13 November 2020

Published Date: 13 November 2020

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

Article summary

The Prudential Regulation Authority (PRA) has published a letter to the chief risk officers of general insurance firms it regulates. The letter shares insights from the PRA’s recent supervision review work across the general insurance sector, focusing on reserving and exposure management, including some observations on contract uncertainty in light of the coronavirus (COVID-19) crisis. The PRA expects the boards and reserving committees of general insurers to reflect on the points covered in the letter appropriately and explicitly, to the extent relevant for their businesses, as part of setting the year-end Solvency II and booked reserves.

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