This report reviews regulatory updates in September for life insurance companies operating in the United Kingdom. We note items published by the Financial Conduct Authority (FCA), Prudential Regulation Authority (PRA), and Bank of England (BoE).
Key developments include the following:
- The BoE publishes Insurance taxonomy version 2.2.0, which provides the technical framework for insurers to submit regulatory information to the PRA.
- The PRA publishes minutes of the captive insurance industry roundtable.
- The PRA publishes a letter providing thematic feedback on expected credit loss accounting and climate-related credit risk practices under International Financial Reporting Standard 9.
- The FCA announces initiatives to increase protection insurance coverage for millions of consumers.