PRA to launch captive consultation paper by summer 2026

The Prudential Regulation Authority (PRA) will unveil a consultation paper detailing its proposed captive insurance regime by next summer.

That was according to Shoib Khan, director of insurance supervision at the Bank of England, in a speech at the Insurance Innovators Summit, a conference in London this week.

He said the PRA is working with the UK government and industry to understand what they want to see in a UK regime. The target delivery date for the new regime is mid-2027.

The government revealed in July that it intends to proceed with the introduction of a new UK captive insurance framework.

The government’s view is that a new captive insurance framework will help cement the UK’s position as a leading international jurisdiction for insurance and risk management business. Improving the UK’s captive insurance offering can also support the government’s wider aim to promote growth in the economy, both via expanding the range of insurance services that can be of

The PRA also said its work to ensure the UK regime for Insurance Special Purpose Vehicles (ISPVs) is competitive.

Did you get value from this story?  Sign up to our free daily newsletters and get stories like this sent straight to your inbox.