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The Insurance and Reinsurance Undertakings (Prudential Requirements) Regulations 2023
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- UK Statutory Instruments
- 2023 No. 1347
- Regulation 3
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This version of this provision is prospective.
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Changes and effects yet to be applied to Regulation 3:
- reg. 3 coming into force by S.I. 2023/1347 reg. 1(2)
- reg. 3 coming into force by S.I. 2023/1347 reg. 1(2)
Changes and effects yet to be applied to the whole Instrument associated Parts and Chapters:
Whole provisions yet to be inserted into this Instrument (including any effects on those provisions):
- Pt. 1 heading inserted by S.I. 2024/1083 reg. 2(2)
- Pt. 2 heading inserted by S.I. 2024/1083 reg. 2(3)
- Pt. 2 Ch. 1 heading inserted by S.I. 2024/1083 reg. 2(3)
- Pt. 2 Ch. 2 inserted by S.I. 2024/1083 reg. 2(5)
- Pt. 2 Ch. 3 heading inserted by S.I. 2024/1083 reg. 2(6)
- reg. 10-16 inserted by S.I. 2024/1116 reg. 4
Prospective
PRA duty to publish technical informationU.K.
This section has no associated Explanatory Memorandum
3.—(1) Every quarter the PRA must publish on its website—
(a)for each currency, duration, credit quality and asset class the PRA considers appropriate, a fundamental spread for the calculation of the matching adjustment to the relevant risk-free interest rate term structure used to calculate the best estimate for a portfolio of long-term insurance or reinsurance obligations, and
(b)such other information as the PRA considers appropriate relating to the calculation of—
(i)technical provisions, and
(ii)the SCR on the basis of the standard formula.
(2) Paragraph 17(9)(b) of Schedule 6A to the Bank of England Act 1998(1) (restriction on delegation of functions by the Prudential Regulation Committee) does not prohibit the making of a rule that imposes an obligation on PRA-authorised persons by reference to information published by the PRA under this regulation.
(1)
1998 c. 11. Schedule 6A was inserted by section 13 of and Schedule 1 to the Bank of England and Financial Services Act 2016 (c. 14).
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