PRA Identifies Internationally Active Insurance Groups in UK
PRA has published the list of Internationally Active Insurance Groups (IAIGs) headquartered in the UK. These insurance groups are Aviva plc, Legal & General Group Plc,, British United Provident Association Limited, and RSA Insurance Group plc. This list should be used only in conjunction with the IAIS Common Framework for the Supervision of Internationally Active Insurance Groups (ComFrame).
The UK IAIGs have been identified in accordance with the criteria set out in ComFrame (CF 23.0.a and CF 23.0.b) for the purpose of the Insurance Capital Standard (ICS) version 2.0 for the Monitoring Period. The Monitoring Period is intended as a period of stability during which IAIS will monitor performance of the ICS. It is not intended for monitoring the capital adequacy of IAIGs (that is, the ICS will not trigger supervisory actions and IAIGs need not manage their business to the ICS), or for third-party use. This list may be subject to change.
Related Link: Notification
Keywords: Americas, US, Banking, Dodd-Frank Act, Aggregate Financial Sector Liabilities, Regulation XX, Risk-Based Capital Requirements, FED
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