On 21 August 2024, the Financial Conduct Authority (FCA) published Thematic Review TR24/2 (Review), as part of its on-going scrutiny of the general insurance sector, focusing on pricing and value for money provided by...more
Solvency II is organised around three core pillars of prudential regulation, which ensure the safety and soundness of (re)insurers, in line with the scale, nature and complexity of their business:
- Pillar One focuses on...more
9/4/2024
/ Capital Requirements ,
EIOPA ,
EU ,
European Banking Authority (EBA) ,
Financial Institutions ,
Insurance Industry ,
ORSA ,
Outsourcing ,
Prudential Regulation Authority (PRA) ,
Regulatory Requirements ,
Risk Management ,
SMCR ,
Solvency II ,
UK
As discussed in our previous updates, in June 2020 the UK government announced a wide-ranging review of the Solvency II framework in the UK, aimed at reforming the insurance regulatory framework inherited from the EU given...more
3/14/2024
/ Disclosure Requirements ,
EU ,
Final Rules ,
Financial Services and Markets Act ,
Insurance Industry ,
Jurisdictional Thresholds ,
Prudential Regulation Authority (PRA) ,
Reinsurance ,
Reporting Requirements ,
Solvency II ,
UK ,
Underwriting
(Re)insurance is a global business. It is common for (re)insurance groups to operate in a range of jurisdictions via:
i. locally incorporated and authorised subsidiaries,
ii. local branches of third country...more
Own funds is the Solvency II term for the items that constitute a (re)insurer’s regulatory capital. These are principally balance sheet items, with limited allowance for off-balance sheet items.
Own funds are items that...more