In his January 2026 column for Practical Law, Grant considers developments in the PRA’s approach to regulatory capital for life insurers. The PRA’s current discussion paper on “alternative life capital” (DP2/25) is the latest in a series of connected developments in the UK and elsewhere. The PRA’s view on the types of innovations it can support in this area are likely to be informed by that context, so this article draws together some important parts of that background.
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