Authorities set out PRA approach
The Bank of England and the Financial Services Authority (FSA) have published a joint paper setting out the current thinking on how the future Prudential Regulation Authority (PRA) will approach the supervision of insurers.
The Bank of England, Prudential Regulation Authority - Our approach to insurance supervision, available on the FSA's website, sets out the principles that will underpin the PRA's approach along with its scope, risk assessment framework and judgement-based system for supervision.
The authorities stated that the PRA will recognise that the risks posed by insurers are different from the other firms it will supervise which will lead to a distinct approach.
On current data, the PRA, along with being
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