PRA finalises Matching Adjustment reforms
The PRA published its long-awaited policy statement PS10/24, following CP19/23, on reforms to the Solvency II regime for Matching Adjustment (MA) portfolios on 6 June 2024.
PS10/24 implements and works alongside the Insurance and Reinsurance Undertakings (Prudential Requirements) Regulations 2023. PS10/24 is focused on the design and operation of the MA framework and covers a range of topics, including: the new MA attestation process, the expansion of MA permissible assets and liabilities, reforms to the granularity and validation of credit rating processes, internal model changes and the introduction of a regular detailed data template that needs to be provided to the PRA.
PS10/24 comes into force on 30 June 2024, allowing firms to take advantage of the reforms from this date. Some of the new requirements will become effective on 31 December 2024 or the first financial year end from 31 December 2024.
Download this Hot Topic to see our summary of the PRA’s final policy on MA reforms, and what this means for insurers.
Contact us
Follow us
