1
Introduction
Update: On 20 November 2015 the PRA updated this statement to reflect the changes to the PRA Rulebook that will occur when the new Solvency II and non-Directive firm regimes come into force on 1 January 2016. The updates to this statement do not represent a change in PRA policy. Paragraphs 1.1, 3.4, and 5.1 have been updated.
1.1
This supervisory statement sets out Prudential Regulation Authority’s (PRA’s) expectations regarding the with-profits mutual waiver and provides a response to comments received pertaining to the PRA’s areas of interest in relation to a consultation originally published in December 2012 by the Financial Services Authority (FSA): CP12/38 Mutuality and with-profits funds: a way forward.[1] It is relevant for all mutual insurance firms and friendly societies writing new with-profits business or with existing books of with-profits business.
Footnotes
- 1. FSA CP12/38: Mutuality and with-profits: a way forward, December 2012; http://www.fca.org.uk/your-fca/documents/consultation-papers/fsa-cp1238
- 01/01/2016
1.2
The statement covers the:
- background and substance of the proposals in CP12/38;
- change in the regulatory landscape since December 2012 when CP12/38 was issued; and
- PRA’s expectations regarding the with-profits mutual waiver process.
- 01/01/2016