On 22 August 2014, the Prudential Regulation Authority in the UK (the PRA) issued a supervisory statement for insurers authorised by it regarding valuation risk.  In the statement, the PRA describes what is expects from insurers in relation to financial asset valuation. The PRA's expectations are broken down into two categories, i.e. those regarding (a) valuation uncertainty and prudent valuation (amongst other matters, the PRA expects firms to consider valuation uncertainty in a sufficiently robust manner, based on appropriate standards of valuation governance and control) and (b) 'client-supplied' prices (i.e. prices sourced by external valuation providers directly from their clients) which, amongst other matters, the PRA expects insurers to independently verify.