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PRA consults on expectations for funded reinsurance arrangements

The PRA published a consultation paper (CP24/23) on 16 November 2023, clarifying and expanding its expectations on the use of funded reinsurance by life insurers to support the writing of bulk purchase annuity business. The PRA proposes to set expectations for insurers’ risk management and structuring of funded reinsurance arrangements. Alongside this, PRA outlines its expectations on how these arrangements are modelled by insurers using an approved internal model to calculate their solvency capital requirements. In this regard the PRA also reminds insurers using the standard formula of its expectations around the appropriateness of the standard formula assessment. 

Download this At a glance to see our summary of the PRA’s consultation, and what it means for life insurers

 

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