SoP – The PRA’s approach to the authorisation and supervision of insurance branches

Statement of policy
First published on 23 May 2024


This statement of policy is relevant to all third-country insurance branches, as well as to any insurance undertaking not headquartered in the UK or Gibraltar looking to operate in the UK in the future. This statement of policy does not apply to Swiss General Insurers, as defined in the PRA Rulebook, to which different requirements apply pursuant to the Swiss Treaty Agreement (No. 91/370/EEC). 

This statement of policy replaces supervisory statement (SS) 2/18 – International insurers: the Prudential Regulation Authority’s approach to branch authorisation and supervision. It should be read alongside the PRA’s supervisory statement (SS) 44/15 – Solvency II: third-country insurance and pure reinsurance branches and any other rules in the PRA Rulebook that apply to third-country branch undertakings. 

This statement outlines the PRA’s approach to the authorisation and supervision of third-country insurance branches, including the approach to determining when a subsidiary would be more appropriate than a branch.