1

Introduction

1

The purpose of this statement of policy is to set out the approach and expectations of the Prudential Regulation Authority (PRA) in relation to consent and related processes under section 377C and 377G of the Financial Services and Markets Act 2000 (FSMA). Those provisions apply where certain parties apply to court for a write-down of an insurer’s liabilities pursuant to section 377A of FSMA.

2

Chapter 2 concerns the giving of consent by the PRA (under section 377C of FSMA) to an application to court for a write-down order under section 377A of FSMA.

3

Chapter 3 concerns the giving of consent by the PRA to an application for the appointment of a person as write-down manager under section 377G of FSMA. Chapter 3 also concerns the provision of associated statements of suitability by the PRA.