UK Insurance: PRA (12 September 2016)

OAC Digest
Governance, risk & compliance, Life insurance, PRA / Bank of England, SIMR

12 September 2016

Selected recent news from the UK's prudential regulator:

On 9 September, the PRA published a consultation on a transitional approach for PRA fees and FSCS levies in 2017/18. The PRA proposes to calculate fees and levies for 2017/18 based on the returns received for the relevant insurance firm’s financial year ending during 2015 ("Solvency I data") (unless transfers of business have since taken place or the firm has gone into run-off). The consultation closes on 9 November 2016. The PRA plans to consult on an updated approach for the 2018/19 fee and levy years and onwards in Q3 2017. 

The deadline for insurers to submit their Scope of Responsibilities (SoRs) was Wednesday 7 September. The PRA's "Strengthening accountability" webpage states "Insurance firms that have not submitted their SoR form by this date are reminded that SoR forms for Solvency II and non-Solvency II firms can be found on the Senior Insurance Managers Regime - submitting, amending, withdrawing page of the website." OAC's cloud-based SIMR solution for insurers (TRAC10) was launched last Wednesday also and is designed to store comprehensive information about senior managers in a logical and user friendly interface.

David Gray

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David Gray
Consultant Actuary

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