The Prudential Regulation Authority (PRA) has published consultation paper CP5/24, Review of Solvency II: Restatement of assimilated law, the final PRA consultation needed to implement the conclusions of the Solvency II Review and to finalise PRA rules and other policy materials that will replace Solvency II assimilated law, which is being revoked by the government under its Smart Regulatory Framework (SRF) programme. Responses are sought by 22 July 2024.

The Prudential Regulation Authority (PRA) has published consultation paper (CP13/24) setting out its proposals to restate the relevant provisions in the assimilated Capital Requirements Regulation No 575/2013 (UK CRR) in the PRA Rulebook and other PRA policy material, such as supervisory statements (SSs) or statements of policy (SoPs). The PRA also plans to update the credit ratings mapping tables in some assimilated Technical Standards and restate them in the PRA Rulebook.

The Prudential Regulation Authority (PRA) has published consultation paper CP2/24, Solvent exit planning for insurers, which aims to increase confidence that firms can exit the market in an orderly way, and without having to rely on the backstop of an insolvency or resolution process. All PRA-regulated insurers except for firms in passive run-off and UK branches of overseas insurers are in scope of the proposals in this CP. Responses are sought by 26 April 2024.

The Prudential Regulation Authority (PRA) has published a statement stating that it has identified and rectified an error in the recently published Solvency II restatement of assimilated law. The error was in rule 3B6.6(1) in the Solvency Capital Requirement - Standard Formula (SCR-SF) Part of the PRA Rulebook published in Policy Statement 15/24. The rule incorrectly included a reference to Regulated Activities Order (RAO) Schedule 1, Part II, class III ('Linked long-term') business, which should be subject to a 70% stress for mass lapse life underwriting risk. The rule instrument correcting the error will take effect on 31 December 2024.

The Prudential Regulation Authority (PRA), in consultation with HM Treasury, has announced its decision to delay the implementation of Basel 3.1 in the UK by one year until 1 January 2027. The decision allows more time for greater clarity to emerge about plans for its implementation in the United States (US).

The Prudential Regulation Authority (PRA) has published a modification by consent of Rule 4.1 of the Resolution Assessment Part of its Rulebook. Following the Cabinet Office’s election guidance, which includes limiting communications activities until after the general election, the Bank of England (BoE) and the PRA have chosen to delay publication of the second Resolvability Assessment Framework (RAF) assessment of the major UK banks to early August 2024.

The Financial Services Enforcement Database incorporates detailed information on all substantive FCA and PRA Final Notices and, where available, Decision Notices from 2014 onwards. The Database may be searched and filtered by terms such as the regulator ‘PRA’ and/or by keyword, in addition to rule breach, sector, date, seriousness, aggravating and mitigating factors, financial penalty, and other actions such as referrals to the Upper Tribunal. This Practice Note outlines the Prudential Regulation Authority’s (PRA) approach to information gathering in the context of an enforcement investigation. It outlines the PRA’s statutory powers to require the provision of information and the production of documents and sets out restrictions on the those powers under: FSMA 2000, s 413 relating to the disclosure of legally privileged materials; FSMA 2000, s 175 in relation to banking confidentiality; and FSMA 2000, s 348 in relation to disclosure of confidential information by the regulator. This Practice Note also outlines the PRA’s Early Account Scheme (EAS), introduced from 30 January 2024 in order to speed up investigations

The Financial Services Enforcement Database: incorporates detailed information on all substantive FCA and PRA Final Notices and, where available, Decision Notices from 2014 to present. The Database, available, may be searched and filtered by—Regulator ‘PRA’; Keyword ‘Settlement’; Highest Decision Maker: ‘Settlement Decision Makers’; in addition to rule breach, sector, date, seriousness, aggravating and mitigating factors, financial penalty, and other actions such as referrals to the Upper Tribunal. This Practice Note outlines the formal process for settling Prudential Regulation Authority (PRA) enforcement actions involving the imposition of financial penalties, or the imposition of suspensions or restrictions under the Financial Services and Markets Act 2000 (FSMA 2000). It sets out: • the PRA’s settlement discount scheme, including the Enhanced Settlement Discount (ESD), and • the process and typical timeline for settlement under the PRA’s settlement decision making procedure The PRA sets out its approach to settlement in its statement of policy: The Bank of England's approach to enforcement: statements of policy and procedure: Annex 1—the PRA’s approach to enforcement statements of policy and procedure; Chapter 8—Statement of

Law360: Insurers must ensure that they are adapting to underwriting for cyberattacks and claims inflation, among other risks in the sector the Prudential Regulation Authority (PRA) has said it will put under the spotlight in 2024.

The Prudential Regulation Authority (PRA) has finalised its Matching Adjustment Investment Accelerator (MAIA) framework. The PRA introduced the MAIA framework to streamline insurers’ investment processes and support productive finance in the UK. The framework allows firms to include a limited quantity of self-assessed eligible assets—termed MAIA assets—within their Matching Adjustment (MA) portfolios, claiming MA benefits immediately while having 24 months to regularise these assets through a formal MA application.

The Prudential Regulation Authority (PRA) has published policy statement PS9/25 and supervisory statement SS2/25. PS9/25 sets out the PRA’s final policy following consultation CP15/24 on proposed changes to the UK Insurance Special Purpose Vehicle (UK ISPV) regulatory framework. It aims to enhance the safety and soundness of the insurance sector by providing cedants with access to more diversified reinsurance capital, while also enabling the UK to play a larger role in the global Insurance Linked Securities (ILS) market by simplifying and enhancing the attractiveness of establishing UK ISPVs. The reforms introduce an accelerated pathway for certain UK ISPV applications and streamline the standard application process and senior management requirements. The final rules and policy material are effective on 24 July 2025.

The Prudential Regulation Authority (PRA) has published its final ‘Approach to Policy’ document in Policy Statement PS3/25, detailing how the PRA carries out its role in practice. It is designed to help firms and the public understand how the PRA makes policy and their role in that process, and to aid accountability to the public and Parliament. It also meets the statutory requirement for the PRA to issue guidance on how it intends to advance its objectives. PS3/25 also provides feedback to responses the PRA received to Consultation Paper 27/23.