UK Statutory Instrument 2023 United Kingdom

Insurance and Reinsurance Undertakings (Prudential Requirements) Regulations 2023

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At a glance

Enforced by

PRA

What's here

2 compliance obligations, 2 practical guides

Who this Act binds

Business-side actors with duties under this Act, ranked by how often they appear.

  • Any Person 2

Relevant guidance

Practical guides for businesses affected by this Act, ordered by how closely they engage with it.

Supporting — topic alignment

1 guides

Mentioned in related content

1 guides

Other Acts binding the same actors

For each actor bound by this Act, the other UK Acts that bind them most often. Useful for understanding the full compliance landscape facing each role.

Any Person also bound by 2338 other Acts (top 5 shown)

What this Act requires

Sections that create concrete duties on businesses or carry penalties. Procedural and definitional sections are folded into the “Browse other sections” expander at the bottom of each group. Click any section title to read the source text on legislation.gov.uk.

Part 1 — Introductory

Browse 1 other section in this Part — procedural / definitional / commencement
s.001

Citation, commencement and extent

Part 2 — Prudential requirements

s.004

Application of the matching adjustment

  • Meet conditions to use matching adjustment for insurance obligations Any Person
s.007

Calculation of risk margin

  • Calculate risk margin using the PRA formula Any Person
Browse 7 other sections in this Part — procedural / definitional / commencement
s.002

Interpretation of Chapter 1

s.003

PRA duty to publish technical information

s.005

Calculation of the matching adjustment

s.006

Calculation of fundamental spread

s.007

Power of PRA to make rules

s.007

Interpretation of Chapter 2

s.007

Power of PRA to make rules

Part 3 — Enforcement and review

Browse 2 other sections in this Part — procedural / definitional / commencement
s.008

PRA’s functions and powers under FSMA 2000

s.009

Review

Part 4 — Overseas Insurance Regime

Browse 7 other sections in this Part — procedural / definitional / commencement
s.010

Interpretation

s.011

Designation of overseas jurisdiction

s.012

Effect of designation: reinsurance contracts

s.013

Effect of designation: insurance group capital requirements calculation

s.014

Effect of designation: insurance group supervision

s.015

Overseas insurance regulations: procedure

s.016

Restatement of decisions

Read the full Act on legislation.gov.uk (opens in a new tab)

Enforcement and responsible bodies

The regulators that administer or enforce this legislation.

PRA

Prudential Regulation Authority

Part of the Bank of England. Prudentially regulates and supervises around 1,292 banks, building societies, credit unions, insurers, and major investment firms. …

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Browse legislation

Find other UK business legislation with related guidance.

Regulators

Learn more about the bodies that enforce this legislation.