UK Insurance Regulatory Authority

The UK Insurance Regulatory Authority, known as the Prudential Regulation Authority (PRA), is part of the Bank of England. It oversees and supervises insurance companies to ensure they remain financially stable and can fulfill their promises to policyholders. The PRA sets rules and standards to reduce the risk of insolvency, protecting consumers and maintaining confidence in the insurance market. Its role is crucial for the safety and soundness of insurance firms operating in the UK.