Guidance

SS1/14 – Mutuality and with-profits funds: a way forward

Chapter

Introduction

Printed on: 18/10/2024

Rulebook at: 01/01/2016

1

Introduction

Update: On 20 November 2015 the PRA updated this statement to reflect the changes to the PRA Rulebook that will occur when the new Solvency II and non-Directive firm regimes come into force on 1 January 2016. The updates to this statement do not represent a change in PRA policy. Paragraphs 1.1, 3.4, and 5.1 have been updated. 

1.1

This supervisory statement sets out Prudential Regulation Authority’s (PRA’s) expectations regarding the with-profits mutual waiver and provides a response to comments received pertaining to the PRA’s areas of interest in relation to a consultation originally published in December 2012 by the Financial Services Authority (FSA): CP12/38 Mutuality and with-profits funds: a way forward.[1] It is relevant for all mutual insurance firms and friendly societies writing new with-profits business or with existing books of with-profits business.

  • 01/01/2016

1.2

The statement covers the: 

  • background and substance of the proposals in CP12/38; 
  • change in the regulatory landscape since December 2012 when CP12/38 was issued; and 
  • PRA’s expectations regarding the with-profits mutual waiver process.
  • 01/01/2016