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December 08, 2017

PRA published the updated Policy Statement PS26/17 on the authorization and supervision of insurance special purpose vehicles (ISPVs). PS26/17 provides feedback to the consultation paper CP42/16 and sets out the final approach and PRA expectations in this area, subject to the Risk Transformation Regulations 2017 (RTR) being passed through Parliament.

The ISPV part has been updated to insert the statutory reference to the RTR 2017 and the commencement date, to consolidate the definition of ISPV, and to make administrative corrections (and have been included as Appendix 6). PS 26/17 includes the following:

  • Supervisory Statement SS8/17, “Authorization and supervision of insurance special purpose vehicles” (Appendix 1)
  • Amendments to the ISPVs Part of the PRA Rulebook (Appendix 2)
  • An application form in relation to the authorization and supervision of ISPVs (Appendix 3)
  • Two sets of notification forms for multi-arrangement ISPVs (Appendices 4 and 5)
  • Updated amendments to the ISPVs Part of the PRA Rulebook (Appendix 6)

PRA received sixteen responses to CP42/16. Chapter 2 of the statement summarizes the responses and provides PRA feedback and proposed final approach, in light of the version of RTR, as  laid before the Parliament. This Policy Statement is relevant to all parties who wish to apply to PRA for, or have obtained authorization as, an ISPV and is relevant to insurers and reinsurers seeking to use UK ISPVs as risk mitigation, in accordance with Solvency II.

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Keywords: Europe, UK, Insurance, Solvency II, ISPV, PS26/17, SS8/17, RTR 2017, PRA

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