The United Kingdom’s long-awaited captive regime has been met with enthusiasm from across the insurance market, but its success will largely depend on whether businesses choose the UK over established domiciles such as Guernsey, Bermuda and Ireland, according to Mike Matthews, international commercial director at Artex Risk Solutions.
The Prudential Regulation Authority (PRA) outlined its draft regulations (CP11/26) on 14 July for captive insurers in the UK, including a new “proportionate and tailored” solvency regime outside Solvency UK.
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