It is important the United Kingdom’s commercial market respects captives as “a really good friend” rather than simply an “acquaintance” if a domestic regulatory regime is to succeed, according to Chris Lay, CEO of Marsh McLennan UK.
The UK Treasury announced on 15 July that the country’s insurance regulator – the PRA – had been instructed to design a “competitive and bespoke” supervisory regime for captives with the aim of implemented by mid-2027.
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