PRA to provide more clarity on third-country insurance branches

The UK’s Prudential Regulation Authority has published a consultation paper in which it proposes to clarify its approach to the authorisation and supervision of third-country insurance branches. Various policy materials would be consolidated and updated under these plans, but there would be no changes to the PRA’s rules. 

The sharpening of the PRA’s guidance in this area is likely to be welcomed both by existing third-country branches and those firms that are considering applying for authorisation as a third-country branch in the future.