On 2 December 2015, the Prudential Regulation Authority in the UK (the PRA) published a speech given by its General Insurance Director on PRA priorities for insurance regulation/supervision.  These include competition (in particular, in light of soft market conditions) and innovation. Notably, the speech outlined the PRA's approach to new issues arising as a result of periodic payment orders granted by the Courts to injured persons.  On 4 December 2015, a 'Dear CEO' letter was issued by the PRA focusing on persistent soft market conditions, noting that this may encourage insurers to take steps such as increasing reserve releases. The letter describes PRA expectations (in light of the market conditions) in relation to underwriting, reserving, reinsurance and assessment of capital requirements.