Since the publication of the draft EIOPA guidelines on the System of Governance back in June 2014, one question asked by many - or perhaps by a few, many times - has been: 'who will need to be notified to and approved by the Prudential Regulation Authority (PRA) in respect of the actuarial function where the Solvency II actuarial function is outsourced?'
We are aware that there is a degree of confusion within the industry at a time when many are reviewing the impact and implications of the Senior Insurance Managers Regime (SIMR), so we asked the PRA to provide clear guidance.
In the Briefing Note below we:
- examine the rules and guidance
- decipher the requirements
- provide the official position of the PRA