1
Overview
1.1
This supervisory statement (SS) is addressed to non-Solvency II insurance firms that are not friendly societies. For the purposes of this statement, these firms are described collectively as non-Directive insurance companies.
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1.2
This statement should be read alongside relevant statutory legislation, as well as the Insurance Company – Overall Resources and Valuation Part of the Prudential Regulation Authority (PRA) Rulebook.
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1.3
This statement was consulted on in CP27/15[1] and expands on the PRA’s general approach[2]. By clearly and consistently explaining its expectations of firms in relation to the particular areas addressed, the PRA seeks to advance its statutory objectives of ensuring the safety and soundness of the firms it regulates, and contributing to securing an appropriate degree of protection for policyholders. The PRA has considered matters to which it is required to have regard, and it considers that this statement is compatible with the Regulatory Principles and relevant provisions of the Legislative and Regulatory Reform Act 2006.
Footnotes
- 1. PRA Consultation Paper 27/15 The prudential regime for non-Solvency II insurance firms and consequential amendments, August 2015; http://www.bankofengland.co.uk/pra/Pages/publications/cp/2015/cp2715.aspx
- 2. PRA’s approach to insurance supervision; June 2014; https://www.bankofengland.co.uk/-/media/boe/files/prudential-regulation/approach/insurance-approach-2014.pdf
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