This Consultation Paper (CP) sets out some proposed changes in the Prudential Regulation Authority’s (PRA) approach to authorising and supervising Insurance Special Purpose Vehicles (ISPVs).
The proposals in this CP would result in changes to the Supervisory Statement (SS) 8/17, ‘Authorisation and supervision of insurance special purpose vehicles’ (Appendix 1).
The CP is relevant to firms who wish to apply for, or have obtained authorisation as, an ISPV. It is also relevant to insurers and reinsurers seeking to use UK ISPVs as risk mitigation in accordance with the UK’s onshored Solvency II framework.
The PRA proposes that the implementation date for the changes resulting from this CP would be Wednesday 30 November 2022, or one week after the publication of the Policy Statement.
Responses and next steps
This consultation closes on Tuesday 11 October 2022.The PRA invites feedback on the proposals set out in this consultation. Please address any comments or enquiries to CP10_22@bankofengland.co.uk. Please indicate in your response if you believe any of the proposals in this consultation paper are likely to impact persons who share protected characteristics under the Equality Act 2010, and if so, please explain which groups and what the impact on such groups might be.