The Practitioner Panel Insurance Sub-committee has been formed to provide a dedicated forum to discuss the PRA’s policies and practices related to the insurance sector. The creation of the Sub-committee was announced by Sam Woods in February 2018, and met for the first time in July 2018.
Information is shared between the Sub-committee and the Practitioner Panel, and the sub-committee contributes to the Practitioner Panel’s Annual report. When appropriate, members of the Sub-committee report informally to industry on its work.
The Sub-committee is established under the Financial Services and Markets Act 2000 to represent the interests of practitioners.
Sub-committee members have been nominated by trade associations and market participants, with the composition being broadly representative of how the PRA allocates its resources. Members are independent of the firm, trade association, or market participant, they are drawn from.
The Sub-committee meets approximately every four months and its members serve a three-year term which is renewable at our discretion. For future recruitment, we will consult the relevant trade association(s) and market participant(s) to secure nominations for new members.