The Insurance and Reinsurance Undertakings (Prudential Requirements) Regulations 2023
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Change 1
7 Power of PRA to make rules
Notwithstanding regulations 4 to 6, the PRA’s power to make general rules under section 137G of FSMA 2000 (the PRA’s general rules) continues to include power to make rules— (a) setting out conditions, in addition to those set out in regulation 4, under which an insurance or reinsurance undertaking is eligible to apply a matching adjustment, limited to conditions about— (i) the eligibility of insurance or reinsurance obligations for inclusion in the portfolio to which the matching adjustment is applied; and (ii) the management of risks in relation to that portfolio or the assigned portfolio of assets; (b) setting out the circumstances in which a risk is to be treated as material for the purposes of regulation 4(9)(a); (c) requiring an insurance or reinsurance undertaking to limit the value of the matching adjustment for the period during which the undertaking has failed to meet any of the conditions— (i) set out in paragraphs (3) to (9) and (11) of regulation 4, (ii) set out in rules made under paragraph (b), or (iii) imposed under section 138BA(4)(a) of FSMA 2000; (d) concerning adjustments to be made by an insurance or reinsurance undertaking to any information published by the PRA under regulation 3(1)(a) to reflect more precisely the credit quality of assets; (e) requiring an insurance or reinsurance undertaking whose assigned portfolio of assets includes assets without fixed cash flows (excluding assets of the kind specified in regulation 4(9)(b) or (c)) to increase the fundamental spread calculated in accordance with regulation 6 by an amount to be determined in accordance with the rules; (f) permitting an insurance or reinsurance undertaking to increase the fundamental spread calculated in accordance with regulation 6 and any applicable rules made under paragraph (e) where the undertaking considers an increase is necessary to ensure that the fundamental spread covers all the risks retained by the undertaking.
7 Power of PRA to make rules
Notwithstanding regulations 4 to 6, the PRA’s power to make general rules under section 137G of FSMA 2000 (the PRA’s general rules) continues to include power to make rules— (a) setting out conditions, in addition to those set out in regulation 4, under which an insurance or reinsurance undertaking is eligible to apply a matching adjustment, limited to conditions about— (i) the eligibility of insurance or reinsurance obligations for inclusion in the portfolio to which the matching adjustment is applied; and (ii) the management of risks in relation to that portfolio or the assigned portfolio of assets; (b) setting out the circumstances in which a risk is to be treated as material for the purposes of regulation 4(9)(a); (c) requiring an insurance or reinsurance undertaking to limit the value of the matching adjustment for the period during which the undertaking has failed to meet any of the conditions— (i) set out in paragraphs (3) to (9) and (11) of regulation 4, (ii) set out in rules made under paragraph (b), or (iii) imposed under section 138BA(4)(a) of FSMA 2000; (d) concerning adjustments to be made by an insurance or reinsurance undertaking to any information published by the PRA under regulation 3(1)(a) to reflect more precisely the credit quality of assets; (e) requiring an insurance or reinsurance undertaking whose assigned portfolio of assets includes assets without fixed cash flows (excluding assets of the kind specified in regulation 4(9)(b) or (c)) to increase the fundamental spread calculated in accordance with regulation 6 by an amount to be determined in accordance with the rules; (f) permitting an insurance or reinsurance undertaking to increase the fundamental spread calculated in accordance with regulation 6 and any applicable rules made under paragraph (e) where the undertaking considers an increase is necessary to ensure that the fundamental spread covers all the risks retained by the undertaking.
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