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PRA looks to evolve UK ILS regime, after challenging start: Sweeney

The UK’s top regulator recognises that the insurance-linked securities (ILS) regime in the country has faced challenges since its launch and wants to evolve the system to make for swifter and easier issuance conditions, to attract more ILS and catastrophe bond activity to be transacted there.

This is according to senior executives of the United Kingdom’s Prudential Regulatory Authority (PRA), part of the Bank of England, who spoke before a House of Lords select committee last week.

The hearing was the latest in the series of House of Lords committee hearings on regulation and its effects on the competitiveness of the London insurance and reinsurance market.


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