James Costi

Jul 30, 2024 | lexology.com | Jonathan Marks |Beth Dobson |Thomas Peacock |Nick Bonsall |Caroline Phillips |James Costi

On 26 July the PRA published PS13/24, setting out feedback to CP24/23 - Funded reinsurance, together with a final supervisory statement (SS5/24) and accompanying Dear CEO letter. The new policy expectations set out in SS5/24 came into effect immediately. The Dear CEO letter requires firms using FundedRe to provide a number of pieces of information to the PRA by 31 October, including an assessment of the firm’s risk management practices against the expectations in the supervisory statement.