PRA’s Fundamental Rule 8 is for all UK insurance companies to have a resolution plan, As the PRA has stated that they do not currently intend to produce any guidance on what this might mean in practice.
The intention is that this working group will continue to develop a framework to help establish a common understanding of what an insurance company recovery and resolution plan should include as practice develops, including liaising with the GSII firms (for which there has to be a resolution plan), and how this fits with other requirements such as Stress and Scenario Testing.
The group will:
- act as a means for actuaries who are working in this area to share ideas and information;
- with the PRA, FCA and FSCS as is requested by them and will include representation from those groups if offered;
- respond to any consultation papers that are issued on this and related subjects, typically by FSB, IAIS, EIOPA or PRA. It will not include elements already covered under Solvency II or IAIS Comframe.
Chair: Nick Dexter
Contact: Communities Manager
- Recovery and Resolution Plans – An Overview September 2016
- Recovery and Resolution Planning in Life and GI: 17 Dec 2014
- CILA 2014
- Recovery and Resolution Planning Open Forum: 26 Nov 2013
- IFoA letters to FSB/IAIS consultations
Disclaimer: Whilst the material here has been prepared in good faith we cannot accept responsibility for any errors or omissions, or changes since the articles were originally written, and you should seek your own specialist advice as required.
- FSB Dec 2017 consultation on methodology for assessing the implementation of the Key Attributes of Effective Resolution Regimes in the insurance sector
- EIOPA-CP-16-009 Discussion Paper on Potential Harmonisation of Recovery and Resolution Frameworks for Insurers
- FSB Nov 2016 - Review of the list of global systemically important insurers (G-SIIs)
- FSB’s 2016 list of GSIIs
- FSB Developing Effective Resolution Strategies and Plans for Systemically Important Insurers 6 June 2016
- PRA’s Fundamental Rule 8
- EIOPA’s Feb 2015 letter to EU Commissioner
- FSB’s Oct 2014 Guidance on Resolution of Non-Bank Financial Institutions
- FSB’s Reducing the Moral Hazard Posed by Systemically Important Financial Institutions
- Recovery and Resolution Planning for Systemically Important Insurers – Guidance on Identification of Critical Functions and Critical Shared Services
- Key Attributes of Effective Resolution Regimes for Financial Institutions
- FSB’s Cross-border Recognition of Resolution Action
- FSB reports to G20 on Progress in Reforming Resolution Regimes and Resolution Planning
- IAIS draft ICP 12
- Geneva Association’s report on Insurance Resolution
- Insurance Europe Why insurers differ from banks
- IAA Risk Book to the Reference material
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