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31 March 2026Publication
PRA fines UK insurer £10.6m: early account case UK
PRA fined UK Insurance £10.625m for Solvency II reporting failures, marking the first use of the Early Account Scheme and highlighting governance and resourcing
We’re experienced at advising on writing new types of business. We advise on insurance policies and programmes (including captive and run-off programmes), retail products (including TOBAs), distribution agreements, and outsourcing agreements. And unlike many of our competitors, we have expertise in advising both the life and general insurance markets, including in respect of Lloyd’s of London and the run-off sector.
Our strong industry connections – both with the market and the regulators – means we can shape the legal landscape and how the industry responds to regulatory requirements. We’re experts on the extension of the Senior Managers & Certification Regime, having designed an innovative tool to help clients implement the new requirements.
We’re recognised for our Insurtech focus and have particular expertise advising innovative Insurtech companies looking to disrupt the market.
Our services include:
- Re-organisations
- Insurance business transfers
- Building and developing new products and innovative risk structures
(e.g. health trusts and ART transactions) - Regulation of general insurers, life assurers, mutuals and insurance
brokers - Work with Insurtech start-ups, launching their products and
innovative structure - Mergers and acquisitions
- Terms of business distribution agreements
- Risk management programmes
- Captive programmes and cell companies
- Insurance and reinsurance policy wordings
Our experience
Mitsui Sumitomo Insurance Group
Working with Mitsui Sumitomo Insurance to reorganise their business and complete their remediation programme following the enforcement action taken by the UK regulator.
Potential Regulatory Breaches
Advising a multi-national insurance company about potential regulatory breaches after receipt of a section 166 notice from the UK regulator and how to manage the section 166 investigation together with associated employment issues.
Tesco
Advising Tesco Bank on its distribution arrangements for insurance products.
Key contacts
If you have any questions, contact a member of the Insurance Regulation team for assistance:
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