Michael LewisShoib Khan of the PRA spoke on the PRA’s actions to support innovation in insurance markets, through its various accelerator and other initiatives. He also updated on the proposals for a UK captive regime, saying it is currently talking to stakeholders to understand what they would want to see in the regime. The PRA’s priorities are to be responsive in the authorisation process, to set proportionate capital and oversight requirements and to be flexible in responding to different business needs. The PRA plans to consult in summer 2026, with a plan to for the regime to be delivered in mid-2027.
Alongside this, the PRA is continuing work on making ISPVs more accessible, particularly to life insurers, and it plans to publish a discussion paper on this during November.