The Bank of England’s Prudential Regulation Authority (PRA) confirmed this morning that it is working on making changes to its insurance-linked securities (ILS) regime, with a view to bringing greater flexibility and speed to the regulatory process.
Speaking at an event in London today, Alan Sheppard, Head of Insurance Policy at the Prudential Regulation Authority (PRA), accepted that many have a perception of the regulator and the regulatory process being too slow, but said the regulator is now working on ways to improve the UK’s ILS application process.
Sheppard could have been responding to the recent House of Lords Industry and Regulators Committee, which concluded that the “inflexible culture” of the regulators held back the United Kingdom’s ambitions to develop new forms of insurance and reinsurance business, such as insurance-linked securities (ILS).
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