Context
The Bank of England has published a speech delivered by Shoib Khan, PRA Director, Insurance Supervision, at the Insurance Innovators Summit. A significant part of the speech sets out and explains the work that the PRA is undertaking to build a captives regime in the UK that is internationally competitive.
Key points to note and next actions
- Khan outlines how the PRA supports innovation in insurance markets by creating regulatory space, actively building a facilitating regulatory framework (where he addresses the captives work), and being innovative in its own supervisory approach.
- Khan concludes how the PRA’s focus on innovation advances its secondary competitiveness and growth objective while maintaining safety and soundness and protecting policyholders.