The Prudential Regulation Authority (PRA) will hold an industry roundtable on its proposed captive insurance regime on Thursday 17 September 2026. The session runs from 10.00am to 12.30pm and covers consultation paper CP11/26, A tailored regime for captive insurance, published on 14 July 2026. The consultation proposes a proportionate regime for single-parent captive insurers, including tailored capital, reporting, authorisation and supervisory requirements. The PRA says the purpose of the roundtable is to gather stakeholder views on the proposals and to provide additional clarity on the consultation where necessary. Attendees are expected to have read CP11/26 in advance. The event is not open to the media. The roundtable will be held on a hybrid basis. A limited number of in-person places are available at 20 Moorgate, London, allocated on a first-come, first-served basis, with virtual attendance available via Microsoft Teams. Joining details will be sent to registered participants ahead of the event. Registration closes at 17.00 on Friday 4 September 2026. The PRA welcomes up to two attendees per organisation. Participants can submit questions and suggest discussion topics as part of the registration process, which the PRA will use to shape the agenda and focus on areas of greatest stakeholder interest. The Financial Conduct Authority (FCA) also intends to attend, to discuss the related conduct proposals in CP26/29 and answer relevant questions. The FCA paper was published alongside CP11/26 and covers conduct matters, while the PRA paper covers the prudential framework. CP26/29 proposes a flat annual periodic fee of £600 for captive insurers and a Category 4 application fee of £2,820, with captives placed in the A.3 fee block. Several sourcebooks would be disapplied, including the Consumer Duty in PRIN 12, the Insurance: Conduct of Business sourcebook, the Client Assets sourcebook, the Dispute Resolution and Compensation sourcebooks and the Training and Competence sourcebook. Captives would also be excluded from the regular reporting requirements in SUP 16, with the FCA relying instead on SUP 15 notifications. Draft rules in a new SYSC 3.5 section set out expectations where management is outsourced to a captive manager. The captive insurer would remain responsible for its regulatory obligations and would need a contract setting out minimum terms, covering the allocation of responsibilities, whistleblowing arrangements, record-keeping, conflicts of interest, and a requirement for the captive manager to engage directly with the FCA. The PRA identifies the roundtable as most relevant to existing and prospective captive owners, corporate risk managers and treasury teams considering captive solutions, captive managers and other outsourced service providers, brokers, captive advisers and other intermediaries, insurance and reinsurance firms with an interest in captives, legal, accounting and consultancy firms advising on captive structures, and trade bodies and professional organisations. Both consultations close on 14 October 2026, with implementation expected in mid-2027. The regulators intend to consult separately on extending the regime to protected cell companies once the necessary legislation is in place.
