The RRP working group’s objective is to coordinate the development of a framework for actuaries, in both the life and non-life sectors, working to develop Recovery and Resolution Plans.

Objectives:

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.

Membership:

Chair: Nick Dexter

Contact: Communities Manager

Presentations:

Reference Material:

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.

Useful links:

Events calendar

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