UK Insurance: PRA (14 March 2017)

OAC Digest
Life insurance, Mutuals, Non-Life, PRA / Bank of England

14 March 2017

Selected recent news from the UK's prudential regulator: 

The PRA's "Non-Directive firms" webpage states that "Firms are strongly encouraged to use the 'Bank of England Electronic Data Submission' (BEEDS) portal to submit the required regulatory returns under the non-Directive firm regime." In an update on 28 February, the PRA also state "Firms have been asked to nominate a principal user who will be responsible for making their firm's submissions to the BEEDS portal. The Bank of England will liaise with the firm’s nominated principal user for all matters related to the BEEDS portal." This follows from PS19/16 Reporting requirements for non-Solvency II insurance firms published in June 2016 (for more detail see OAC technical article published 6 July 2016). Non-Directive Friendly Societies are required to deposit a copy of the FSC2 return with the PRA within 6 months of the end of the period to which it relates, using either the postal address or electronically using BEEDS. Non-directive insurers, other than non-directive friendly societies, must deposit relevant forms and documents electronically using BEEDS or by email.

The Bank of England announced that "On 1 March, the PRA Board will be replaced by the Prudential Regulation Committee (PRC), and the PRA will be brought within the single legal entity of the Bank of England. These changes are required by the Bank of England and Financial Services Act 2016 (the Act)." The news release added that "...the PRA’s most important supervisory and policy decisions will be made by the PRC."

 

David Gray

For more information
David Gray
Consultant Actuary

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