The Prudential Regulation Authority (PRA) has published the Insurance Practitioner Panel (IPP) Annual Report 2024/25, covering how the statutory panel representing insurance practitioners engaged with the PRA’s policymaking and regulatory work during 1 March 2024 to 28 February 2025. The report highlights the IPP’s early-stage input and scrutiny of significant policy developments, alongside updates to panel membership and governance. Over the period, the IPP held three meetings with PRA senior executives, wider Bank of England policy leads and Prudential Regulation Committee members, and the PRA Chief Executive also held a bilateral with the IPP chair, with such chair bilaterals to continue annually. The report cites IPP input on topics including measuring insurers’ contribution to productive investment, industry feedback on the PRA’s Solvency II reforms (CP12/23), the Independent Evaluation Office assessment of how the PRA is set up to meet its Secondary International Competitiveness and Growth Objective, the implementation approach and medium-term strategy for funded reinsurance, plans for a Matching Adjustment Investment Accelerator (including potential reporting and impacts on smaller firms), and the proposed format for the Dynamic General Insurance Stress Test scheduled for 2026. Governance updates include HM Treasury approval of Charlotte Jones as chair on 25 March 2024, and member replacements during the year including Tim Stedman (replacing Andrew Chamberlain) and Daniel Cazeaux (replacing Andrew Stoker). Looking ahead, the IPP is scheduled to meet three times in 2025/26, with agendas shaped jointly by panel members and the PRA’s executive and senior management team, maintaining a focus on issues ahead of wider consultation publication and on emerging matters requiring discussion.

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