Initially, this working party will aim to influence the PRA in advance of the consultation due mid-2026 on the new insurance captive regime that has been proposed by the UK government.

Following that, the working party will raise awareness and investigate objectives of the new regime to form a view on key areas and salient risks of the proposed regulatory framework. They will also explore various topics such as structure of the regulatory framework, impact on business models, potential implications for risk concentration and systemic risk through the use of captives in the UK, interaction between captives and capital markets (e.g. use of ISPVs for Risk transfer) etc.

Chair: TBC

Established: 2026