The PRA is right to establish minimum governance standards for UK captives, but these should not come at the expense of the ability for companies to tailor their approach to their unique circumstances, according to Julia Graham, independent non-executive director and consultant.
The Prudential Regulation Authority (PRA) outlined its draft regulations (CP11/26) for captives in the United Kingdom on 14 July, including a new “proportionate and tailored” solvency regime, importantly, outside of Solvency UK.
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