With implemented and planned reforms to its insurance-linked securities regulatory regime, the United Kingdom is “becoming a more competitive jurisdiction for insurance-linked investment” according to Shoib Khan, Director, Insurance Supervision at the Prudential Regulation Authority (PRA) of the Bank of England.
Speaking at a recent event in London, Khan explained that the updates planned and already made to the UK’s ILS regime are designed to help the country better “fulfil its important role as a global hub for insurance and risk management.”
Back in July, the Government of the United Kingdom confirmed new authorisation targets for insurance special purpose vehicle (ISPV) applications, as well as a 10-day target for certain insurance-linked securities (ILS) arrangements, while also launching a new consultation on further changes to make it a more flexible and extended risk transformation regime.
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