We welcome the effort that the FCA has put into the TR16/2 review - focusing on good customer outcomes has always been important for well-run life insurers, and we agree with the FCA that it is important that all customers should be considered throughout the duration of their policy.
The FCA issued Thematic Review TR16/2, 'Fair Treatment of long-standing customers in the life insurance sector' on 3 March 2016. The work by the FCA in this area has the scope to have considerable impact on the industry as a whole.
Ever since the publication of Article 48 of the Solvency II Directive, there has been much debate and discussion as to the role and responsibilities of the Solvency II Actuary and how actuarial departments should be structured. In the Autumn of 2015, we carried out a survey to see how UK insurers have addressed the challenges
The PRA has published a Solvency II Insurance Directors’ update letter for all Solvency II affected firms. With the implementation of Solvency less than two months away, reviewing applications for Solvency II approvals is the PRA’s main priority.