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An overview of the Commonwealth’s model litigant obligation
Since the early 20th century, Australian courts have emphasised the obligation for the Commonwealth to act as a ‘model litigant’ in court proceedings.
Prudential Regulation Authority sets out expectations for insurers to manage increased growth and complexity in bulk annuity purchase market
United Kingdom | Publication | January 2025
The high demand in recent years for DB pension scheme risk transfer solutions means there has been rapid growth in the bulk annuity purchase market across the UK life sector.
As a result, on January 9, 2025, the Prudential Regulation Authority of the Bank of England outlined its 2025 priorities in a communication to UK life firms.
It urges them to “proactively manage in a prudent manner their capacity to support growth in the [bulk purchase annuity] business, and to ensure that high levels of competition... do not weaken firms' pricing discipline and incentivise weaker risk management standards”.
The PRA previously consulted on these issues in 2023, setting out its proposals in respect of life firms entering into or holding funded reinsurance arrangements as cedants.
The PRA will continue this focus on funded reinsurance over the coming year, and it encourages firms that do not fully meet its supervisory expectations to “make rapid progress in addressing gaps identified”.
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