The Government of the United Kingdom has confirmed new authorisation targets for new insurance special purpose vehicle (ISPV) applications, as well as a 10-day target for certain insurance-linked securities (ILS) arrangements, while also launching a new consultation on a more flexible and extended risk transformation regime.
As we reported back in November 2024, the UK’s Prudential Regulation Authority (PRA) was consulting on reforms to approval timelines for the insurance special purpose vehicle (ISPV) regulatory regime, which includes an accelerated pathway for certain catastrophe bond applications and a 10-day target for approvals of certain ILS arrangements.
In an announcement this morning, the Government has confirmed that the PRA will from 2026 begin reporting on ISPV approval timelines.
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