- 10% capital formula shows the PRA means business
- Four-to-six-week authorisation target hailed as genuinely competitive
- Direct writing restrictions on compulsory lines and employee benefits largely understood
- PCCs and clean re-domiciliation process would be game changer to proposed regime
- Regulator proves it understands captive business and has appetite to succeed
Industry stakeholders have broadly welcomed the UK’s proposed captive regime, describing it as an important step towards a competitive international domicile while identifying re-domiciliation, tax clarity and additional captive structures as the next priorities.
The Prudential Regulation Authority (PRA) outlined its draft regulations (CP11/26) on 14 July for captive insurers in the United Kingdom, including a new “proportionate and tailored” solvency regime, importantly, outside of Solvency UK.
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