At the BoE and FSA conference on the PRA approach to insurance supervision, Hector Sants and Julian Adams launched the paper outlining the approach (which complements the May paper on PRA’s approach to banking supervision). Around half of the PRA’s community of regulated firms will be insurers, more general than life insurers and a significant number of firms that operate in the UK under the single passport. They said regulators understand insurance is different from banking, and that the supervisory needs are different. PRA’s approach will look to promote safety and soundness of insurers to deliver appropriate policyholder protection and contribute to financial stability. Hector Sants commented that many aims will be achieved in the implementation of Solvency II. He commented that there is no special resolution regime for insurers, so it is important to ensure they manage any failure in an orderly way. The paper deals with the principles underlying PRA’s supervisory approach, its approach to policy-making and how it will deal with authorising firms and approving individuals. (Source: Press Release on Insurance Supervision, BoE and PRA Approach to Insurance Supervision, Speech by Hector Sants at the PRA Insurance Conference and Speech by Julian Adams at the PRA Insurance Conference)