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New proposals on how insurance firms will be regulated

21 June 2011
Written by rosalind renshaw

The Bank of England and FSA have published a joint paper ‘The Bank of England, Prudential Regulation Authority – Our approach to insurance supervision’ which sets out the current thinking on how the future Prudential Regulation Authority (PRA) will approach the supervision of insurers.

The PRA will be responsible for the supervision of over 2,000 firms, of which around half will be insurers, with the remainder deposit-takers and certain investment firms.

On current data, it will regulate 636 general insurers, around 300 of which operate in the UK under a passport from other European Economic Area countries, 123 life insurers (of which 70 will be EEA authorised), 133 friendly societies and around 132 insurers which are involved in the London market.

The publication can be found on both the FSA and BoE websites.

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