This Consultation Paper (CP) sets out the Prudential Regulation Authority’s (PRA) proposed approach to interpreting and applying the definition of an insurance holding company for the purposes of the Group Supervision Part of the PRA Rulebook.
The proposals in this CP would result in changes to the Glossary Part of the PRA Rulebook (Appendix 1) and to Chapter 1 of Supervisory Statement (SS) 9/15, ‘Solvency II: Group supervision’ (Appendix 2). The PRA also proposes to make changes throughout SS9/15 as a result of the UK’s withdrawal from the European Union (EU) to amend or remove references to the EU or EU-derived law.
The CP is relevant to insurance firms within the scope of the Group Supervision Part of the PRA Rulebook and to the Society of Lloyd’s.
The purpose of these proposals is to set out the PRA’s approach to distinguishing an insurance holding company from a mixed-activity insurance holding company.
The PRA proposes that the implementation date for the changes resulting from this CP would be Monday 28 February 2022.
Responses and next steps
This consultation closes on Monday 6 December 2021. The PRA invites feedback on the proposals set out in this consultation. Please address any comments or enquiries to CP17_21@bankofengland.co.uk.
References related to the UK’s membership of the EU in the SS covered by this CP have been updated as part of these proposals to reflect the UK’s withdrawal from the EU. Unless otherwise stated, any remaining references to EU or EU-derived legislation refer to the version of that legislation which forms part of retained EU law.