General Insurance Article - Changes to PRA Oversight of Managing Agents

 “In recognition of the unique nature of Lloyd’s and the evolution of our principles based oversight framework, we are delighted that the PRA will be advising a number of managing agents of its intention to reduce their impact categorisation which, in turn, informs the level of the PRA’s supervisory activity and intensity.

 “Lloyd’s continues to work closely with the PRA on how to enhance cooperation and ensure oversight of managing agents is effective and efficient. We are pleased with the support and challenge that the PRA continues to give us with regard to the design and implementation of our oversight framework and the constructive and positive response to this change of approach that we have received from managing agency Boards and the LMA.

 “The PRA will continue to maintain its independent view of all firms it supervises, including managing agents, and its impact categorisation will remain subject to on-going review. However, these changes should reduce regulatory costs to support the competitiveness of the Lloyd’s market. We will continue to work closely with managing agents and the LMA to maintain and, when necessary, adapt our new oversight framework.”
  

 PRA Oversight of Managing Agents