In this GCP Short, produced in partnership with Artex, we take a closer look at the draft proposals for a new and bespoke captive insurance regime in the United Kingdom.
The UK has been on a long journey over the past four years and its now crunch time after the Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) published its draft rules and supervisory guidelines on 14 July.
A consultation runs until 14 October and all industry participants are encouraged to participate.
Joining Richard for this discussion is Paul Eaton, CEO of Artex EMEA, and Martin Le Pelley, Head of Risk & Compliance.
Paul and Martin cover a range of the regulatory proposals (below), discuss where it should be competitive and what areas may require further work to make it appealing.
- Solvency regime and capital requirements
- Lines of business permissions and restrictions
- The inclusion of owner-controlled insurance programmes (OCIPs)
- Authorisation process and timelines
- Ongoing supervision & reporting
- Re-domiciliation and incentivisation
- The potential addition of Protected Cell Companies (PCCs)
Read the PRA draft captive rules and consultation documents here.
Read the FCA draft captive rules and consultation documents here.
