Gareth Truran of the PRA has spoken on what the PRA is doing to react to the high levels of BPA deals, and how it is looking to ensure market safety.
He focused on 3 aspects of the PRA’s work:
- supporting investment by way of the matching adjustment reform and the PRA’s proposed investment accelerator;
- maintaining resilience, specifically its supervisory work on solvency triggered termination rights and on funded reinsurance; and
- improving transparency.
Overall, he reflected on how Solvency UK has brought in the simpler and more flexible framework the PRA wanted.