Update 20 November 2015
The PRA updated Supervisory Statement 1/14 to reflect the changes to the PRA Rulebook that will occur when the new Solvency II and non-Directive firm regimes come into force on 1 January 2016. The updates to this statement do not represent a change in PRA policy. This update supplements the PRA’s expectations set out in the original statement, published on 28 March 2014.
Published on 28 March 2014
This supervisory statement sets out Prudential Regulation Authority (PRA) policy in relation to a consultation originally published in December 2012 by the Financial Services Authority (FSA): CP12/38 Mutuality and with-profits funds: a way forward. It is relevant for all mutual insurance firms and friendly societies writing new with-profits business or with existing books of with-profits business and provides a response to comments received pertaining to the PRA’s areas of interest in this consultation.
The statement covers the:
- background and substance of the proposals in CP12/38;
- change in the regulatory landscape since December 2012 when CP12/38 was issued; and
- PRA’s expectations regarding the with-profits mutual waiver process.