PRA Rulebook—introduction for the insurance and reinsurance sector


Published by a ÀÏ˾»úÎçÒ¹¸£Àû Insurance & Reinsurance expert
Practice notes

PRA Rulebook—introduction for the insurance and reinsurance sector


Published by a ÀÏ˾»úÎçÒ¹¸£Àû Insurance & Reinsurance expert

Practice notes
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On 29 August 2015, the Prudential Regulation Authority (PRA) published the PRA Rulebook (Rulebook). The transition from the Handbook to the Rulebook was intended to benefit PRA-authorised firms, to access clearer and more concise Rules. Alongside the Rulebook, supervisory statements and statements of policy, facilitate a comprehensive understanding of the PRA’s Requirements. The PRA refreshed its Rulebook on 10 April 2024 to improve the PRA’s flexibility to present in a comprehensive manner the increased volume of policy that it expects from its new post-Brexit rule-making responsibilities.

Structure of the PRA Rulebook

The PRA Rulebook is divided into the following sections:

  1. •

    Banking and Investment Rules: Capital Requirement Regulation (CRR) firms (ie UK banks, building societies, or UK designated investment firms subject to the CRR (CRR Firms) and Non-CRR firms (ie UK credit unions, building societies or UK designated investment firms not subject to the CRR) (Non-CRR

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Jurisdiction(s):
United Kingdom
Related legal acts:
Key definition:
Reinsurance definition
What does Reinsurance mean?

An insurance policy covering an insurer’s exposure to a policy or class of policies that it has insured. Proportional reinsurance is written on an agreed percentage of risk, as opposed to non-proportional or excess of loss insurance, which responds once the limit of the underlying layers have been eroded.

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