The Insurance and Reinsurance Undertakings (Prudential Requirements) Regulations 2023
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Change 1
3 PRA duty to publish technical information
(1) Every quarter the PRA must publish on its website— (a) for each currency, duration, credit quality and asset class the PRA considers appropriate, a fundamental spread for the calculation of the matching adjustment to the relevant risk-free interest rate term structure used to calculate the best estimate for a portfolio of long-term insurance or reinsurance obligations, and (b) such other information as the PRA considers appropriate relating to the calculation of— (i) technical provisions, and (ii) the SCR on the basis of the standard formula. (2) Paragraph 17(9)(b) of Schedule 6A to the Bank of England Act 1998 (restriction on delegation of functions by the Prudential Regulation Committee) does not prohibit the making of a rule that imposes an obligation on PRA-authorised persons by reference to information published by the PRA under this regulation.
3 PRA duty to publish technical information
(1) Every quarter the PRA must publish on its website— (a) for each currency, duration, credit quality and asset class the PRA considers appropriate, a fundamental spread for the calculation of the matching adjustment to the relevant risk-free interest rate term structure used to calculate the best estimate for a portfolio of long-term insurance or reinsurance obligations, and (b) such other information as the PRA considers appropriate relating to the calculation of— (i) technical provisions, and (ii) the SCR on the basis of the standard formula. (2) Paragraph 17(9)(b) of Schedule 6A to the Bank of England Act 1998 (restriction on delegation of functions by the Prudential Regulation Committee) does not prohibit the making of a rule that imposes an obligation on PRA-authorised persons by reference to information published by the PRA under this regulation.
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