What UK PRA Rulebook - Insurance General Application and Fundamental Rules for UK Insurers requires
The UK Prudential Regulation Authority (PRA) Rulebook, as amended following Brexit via the Solvency UK framework (effective 31 December 2024), sets binding prudential requirements for UK-authorised insurers, including: capital requirements (SCR and MCR); system of governance; Own Risk and Solvency Assessment (ORSA); Solvency and Financial Condition Report (SFCR); internal model approval; matching adjustment; and transitional measures. UK Solvency II diverges from EU Solvency II in several areas including the reformed matching adjustment, bifurcated reporting, and the removal of infrastructure investment restrictions. The PRA supervises compliance via the supervisory review and evaluation process (SREP) and may impose capital add-ons, governance requirements, or take enforcement action for breaches.
Pillar: Insurance & Risk · Authority: Prudential Regulation Authority (PRA, Bank of England) · Version: 2.0.0 · Last updated:
Primary source: https://www.prarulebook.co.uk/
SHA-256 integrity: 5696e380e4d3cce9a00da5e1e33de1bccbdcb53f645984e28e8d116e3bd18595
Primary Citations — 8 traced to source
- {"source":"PRA Rulebook - Insurance General Application Part and Fundamental Rules (binding prudential requirements for UK-authorised insurers)","url":"https://www.prarulebook.co.uk/","type":"primary_legislation"}
- {"source":"PRA Rulebook - Solvency II Firms: Capital Requirements, System of Governance, and ORSA (retained EU law as modified by Solvency UK)","url":"https://www.prarulebook.co.uk/","type":"primary_legislation"}
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