On 22 January 2015, the Prudential Regulation Authority in the UK (PRA) published a letter sent by its Directors of General Insurance and Life Insurance to insurers. The letter explains how the PRA intends to approach proposed transfers of insurance business under Part VII of the Financial Services and Markets Act 2000 during 2015. The stated reasoning for the letter is the high volume of firms seeking to complete such transfers prior to Solvency II implementation. The PRA confirms that it will continue to progress transfers where (a) the appropriate fee has been paid or special project fee has been agreed (failing which the PRA will consider on a case by case basis) and (b) the firm has indicated an intention to complete during 2015 and is on target to do so. Other key points highlighted include that timetables for provision of materials to the PRA should not be unrealistic. In particular, it emphasised that final drafts of all relevant documentation (including the independent expert’s report) should be submitted to the PRA at least six weeks before the directions hearing date (or as otherwise agreed) and failure to meet this timescale may lead to the PRA requesting a deferral of the hearing.