Featured Product

    PRA Proposes Amendments on Longevity Risk Transfers Under Solvency II

    February 05, 2019

    PRA published the consultation paper CP3/19, which sets out proposals to update the supervisory statement (SS18/16) on longevity risk transfers under Solvency II. PRA proposes to change its expectations for pre-notification of longevity risk transfers and hedge arrangements and to update the key risks arising from longevity risk transfers. Comments are requested by May 06, 2019. CP3/19 is relevant to PRA-authorized UK firms that fall within the scope of the Solvency II Directive and to the Society of Lloyd’s.

    PRA proposes to update SS18/16 to change its expectations for how firms notify PRA of new longevity risk transfer arrangements and to highlight an additional key risk (basis risk) that should be included in firms’ assessments of the residual risks these transactions give rise to. The proposed changes differentiate between the level of pre-notification expected for large and/or complex transactions and other transactions. For large and/or complex transactions, which are defined in the updated SS18/16, PRA does not propose to change how firms engage with PRA in advance of their execution. However, for other transactions, PRA proposes to streamline the notification process by enabling firms to report these via a template. In addition to simplifying and standardizing the information firms are required to provide to PRA, this will also remove the need for the information to be reviewed by PRA in advance.

     

    Related Links

    Comment Due Date: May 06, 2019

    Keywords: Europe, EU, Insurance, Solvency II, Longevity Risk Transfers, Proportionality, Pre-notification Expectation, CP3/19, SS18/16, PRA

    Featured Experts
    Related Articles
    News

    ECB Report on Transfer of Liquidity from EONIA Products to €STR

    ECB published a report on the transfer of liquidity from the cash and derivatives products of the Euro Overnight Index Average (EONIA) to the Euro Short-Term Rate (€STR).

    February 19, 2020 WebPage Regulatory News
    News

    ESRB Publishes Report on Systemic Cyberattacks

    ESRB published a report that explores systemic implications of cyber incidents, such as cyberattacks.

    February 19, 2020 WebPage Regulatory News
    News

    FSB Chair Sets Out Key Deliverables for G20 Presidency of Saudi Arabia

    FSB published a letter from the Chair Randal K. Quarles to the G20 finance ministers and Central Bank governors ahead of the meetings in Riyadh on February 22-23.

    February 19, 2020 WebPage Regulatory News
    News

    CFTC Proposes Rules on Derivative Position Limits and Swap Execution

    CFTC approved a proposed rule on position limits for derivatives and a proposed rule amending requirements for certain Swap Execution Facilities and real-time reporting.

    February 19, 2020 WebPage Regulatory News
    News

    OSFI Proposes New Benchmark Rate for Qualifying Uninsured Mortgages

    OSFI announced that it is considering a new benchmark rate for determining the minimum qualifying rate for uninsured mortgages.

    February 18, 2020 WebPage Regulatory News
    News

    BIS on Policy Initiatives to Manage Risk Related to Real Estate Market

    The BIS Committee on the Global Financial System prepared a report that documents recent trends in the residential and commercial property prices in over 20 countries, describes key drivers of price developments, and discusses policy initiatives used to manage the associated risks to the economy and financial stability.

    February 18, 2020 WebPage Regulatory News
    News

    OFR Publishes Tool for Monitoring Systemic Risk of Banks

    OFR announced the publication of Bank Systemic Risk Monitor or BSRM.

    February 18, 2020 WebPage Regulatory News
    News

    EBA Report on MREL Shows Progress in Resolution Planning

    EBA published the first quantitative report taking stock of the increased capacity of minimum requirements for own funds and eligible liabilities (MREL) in EU.

    February 17, 2020 WebPage Regulatory News
    News

    SRB Proposes Changes to MREL Policy Under the 2019 Banking Package

    SRB launched a consultation on changes to its Minimum Requirement for Own Funds and Eligible Liabilities (MREL) policy under the 2019 Banking Package.

    February 17, 2020 WebPage Regulatory News
    News

    ESMA Updates Q&A on Credit Rating Agencies Regulation

    ESMA updated questions and answers (Q&A) document on the Credit Rating Agencies (CRA) Regulation.

    February 17, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 4698