1: Overview
1.1 The Insurance Practitioner Panel (IPP) is a statutory body representing the interests of insurance practitioners which was established in October 2023 by the PRA in accordance with sections 2L and 2MA of the Financial Services and Markets Act 2000 (FSMA). The members of the IPP act in an individual capacity, not as representatives of their firms or the trade associations that nominate them.
1.2 In 2024/25, the IPP has effectively represented the interests of insurance practitioners by considering, and providing appropriate scrutiny on significant PRA policy and regulatory developments, which benefit from members’ input. This has been achieved through discussions at IPP meetings with relevant PRA and wider Bank of England policy leads, senior management, and Prudential Regulation Committee (PRC) members. The feedback provided by the IPP has added value to the policymaking process and to the PRA’s objectives.
1.3 The IPP has followed the established approach of early engagement in order to add value to the PRA’s approach to policymaking. The IPP is committed to continuing to provide challenge and advice to the PRA, ensuring that practitioners’ views are appropriately considered.
IPP membership – as at 28 February 2025
- Charlotte Jones, Group Chief Financial Officer, Aviva – Association of British Insurers (Panel chair)
- Daniel Cazeaux, Chief Financial Officer, Royal London – Association of British Insurers
- David Sansom, Chief Risk Officer, Lloyd’s – Lloyd’s
- Helen Pickford, UK Chief Financial Officer, Zurich Insurance Group – Association of British Insurers
- Kevin Gill, Partner, Ernst & Young – Insurance & Reinsurance Legacy Association
- Neil Brothers, Ark Syndicate Management Limited – Lloyd’s Market Association
- Patrick Nolan, Regional Chief Risk Officer, EMEA, Chubb – International Underwriting Association
- Peter Green, Chief Executive, Healthy Investment – Association of Financial Mutuals
- Rakesh Thakrar – Association of British Insurers
- Tim Stedman, Group Capital Director, L&G – Institute and Faculty of Actuaries (IFoA)
1.4 As outlined in the IPP’s Terms of Reference, members serve for a three-year term with the option to extend for an additional term. Over the reporting period there were changes to the IPP’s membership, which are detailed below.
1.5 During the reporting period two members left the IPP and were succeeded by nominees from their respective trade associations. Andrew Chamberlain’s second term came to an end with the Institute and Faculty of Actuaries nominating Tim Stedman as his replacement. Andrew Stoker stepped down from the Panel in July 2024. Following Mr Stoker’s last meeting, the Association of British Insurers nominated Daniel Cazeaux as his replacement.
1.6 Charlotte Jones was appointed as chair during this reporting period. Following Ms Jones’ nomination by the IPP and the PRC’s agreement to the appointment, HMT approved the appointment on 25 March 2024.
1.7 In April 2024, the Panel Secretariat conducted a review of the nominations process and the trade associations that can nominate members to the panels. The review concluded that the IPP has a membership that is broadly representative of the industry and that trade associations nominate members in proportion to their relative size and the degree to which they represent the interests of PRA-regulated firms. There were no changes to the IPP membership, or the list of trade associations able to nominate members, as a result of this review.
2: Panel engagement with the PRA
2.1 As planned, there were three meetings of the IPP in the reporting period. Meetings of the IPP were attended by PRA senior executives, as well as the PRA CEO when possible. Key outcomes and insights from these meetings were fed back to relevant decision-makers and policy leads, contributing to the transparency of the policy making process.
2.2 The PRA CEO held a bilateral meeting with the IPP chair and will continue to hold such meetings on an annual basis to discuss the Panel’s views and other relevant issues.
Examples of items considered by the Panel and impact on the PRA
2.3 The IPP provided feedback on a variety of policy matters, including the Matching Adjustments reforms and the 2025 Insurance Supervision Priorities Letter. The feedback from the PRA shows that the IPP input has been valuable to the PRA’s policy-making. The following items are examples from the reporting period of subjects on which the IPP’s views were sought and the added value these insights provided to the policy process.
Issue |
Description |
|
Productive Finance: Measuring Productive Investment |
The Panel’s views were sought on the proposed approach to assessing the insurers’ contribution to productive investment. Members discussed the challenges of defining productive investments in the context of the insurance sector, as well as the metrics of measuring success and the interaction of productive finance and sustainability. |
|
Review of Solvency II |
The IPP discussed industry feedback to Consultation Paper (CP12/23) covering reforms to the Solvency II regime. The IPP discussed building the confidence of firms and demonstrating the impact of the reforms. Members also discussed the proportionality of the regime for smaller firms and emphasised the positive impact of showing flexibility in the mobilisation stage for new insurers, given that innovative businesses could need more time to scale up. |
|
Independent Evaluation Office (IEO) – Is the PRA ‘set up for success’ on its new Secondary International Competitiveness and Growth Objective? |
As part of the IEO’s assessment of whether the PRA was ‘set up for success’ regarding the Secondary Objective, the Panel discussed the interaction between the PRA’s Primary and Secondary Objectives and noted that this interaction should be based on balance and proportionality. Observations were made regarding reflecting the Secondary Objective in supervisory guidance in an appropriate way given it only applies to the PRA’s exercise of its general functions and not firm- specific decisions, to ensure a standardised approach. |
|
Funded Reinsurance |
This paper continued the PRA’s engagement with the IPP on funded reinsurance (FundedRe). The Panel’s views were sought on the implementation approach of the policy statement and the medium-term strategy with respect to FundedRe. Amongst other comments, the IPP expressed views on updating the draft SS and ‘Dear CEO’ letter to provide clarity to firms, with consideration given to commercial risk and market impact. |
|
Matching Adjustment Investment Accelerator (MAIA) |
The Panel discussed the PRA’s plans to introduce a MAIA to allow insurers to invest in and claim matching adjustment (MA) benefit on assets that firms have self-assessed as MA eligible. The Panel provided views on designing the investment accelerator to facilitate investment in green or productive assets. The Panel discussed whether additional regulatory reporting was required and asked that the PRA consider the relative impact on smaller firms and simplifying the MAIA size limit measures. |
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Dynamic General Insurance Stress Test (DyGIST) 2026
|
The IPP’s views were sought on the proposed format of the DyGIST exercise, now scheduled for 2026. Members provided useful insight into balancing the need for providing specifics of the scenario on a confidential basis to firms while also ensuring sufficient advance information to allow for resource allocation in response to DyGIST requirements. |
3: IPP forward agenda
3.1 The IPP is scheduled to meet three times in the 2025/26 reporting period. The forward agenda will be shaped by IPP members, and the PRA Executive and senior management team. The focus of the agenda will continue to include items prior to their wider consultation paper publication. However, some topics discussed during the course of the reporting period are expected to return to the IPP as they continue to develop. The agenda will also include any emerging and urgent issues that would benefit from a Panel discussion, as determined by the IPP or at the request of the PRA.