SS2/25: Prudential considerations for insurance and reinsurance undertakings when transferring risk to Special Purpose Vehicles

This supervisory statement (SS) sets out the Prudential Regulation Authority’s (PRA’s) expectations in respect of the transfer of risk by firms to Special Purpose Vehicles (SPVs).

This SS is relevant to insurers and reinsurers transferring such risks to SPVs. It is also relevant to parties who wish to apply for or have obtained authorisation as a UK Insurance Special Purpose Vehicle (UK ISPV).

Current version

Published on 24 July 2025

• Supervisory statement SS2/25: Prudential considerations for insurance and reinsurance undertakings when transferring risk to Special Purpose Vehicles – July 2025 (pdf)

- Following PS9/25 – Changes to the UK Insurance Special Purpose Vehicle (UK ISPV) regulatory framework