Skilled persons reviews commissioned for insurance companies between 1 April 2013 and 31 March 2015

We publish details of a selection of requests made under the Freedom of Information Act 2000, and the information we disclose in response.

Subject/Request Details:  For skilled persons reviews commissioned in relation to insurance companies between 1 April 2013 and 31 March 2015, the average time between senior management within the Prudential Regulation Authority (‘PRA’) approving the use of a review, and the PRA receiving a skilled persons report.

Date released:  27 July 2015
 
Disclosure:  
 
For skilled persons reviews (‘review’) commissioned in relation to insurance companies between 1 April 2013 and 31 March 2015, the average time between senior management within the PRA approving the use of a review, and the PRA receiving a skilled persons report was: 

  • 180 calendar days for the financial year 1 April 2013 to 28 February 2014
  • 203 calendar days for the financial year 1 March 2014 to 28 February 2015

It should be noted, however, that there is a time difference between when the use of the review is approved by the PRA and the review being commissioned.  This is because the process for the appointment of the skilled person firm cannot commence until the use of a review has been approved by the PRA.  Furthermore, the length of time taken to conduct a review and issue the final report to the PRA varies depending on the scope of the review.

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