Prudential map for life insurance
The prudential framework currently in force for the life insurance industry is summarised below in risk-based categories. This page is intended to clarify how the standards and guidance fit together.
The standards and practice guides are available here.
Last updated 27 June 2023
Governance
Topic | Title | Standard | Guidance |
|---|---|---|---|
Board | Governance | CPS 510 | - |
Accountability | Conflicts of Interest | - | LPG 260 |
Fit and Proper | CPS 520 | LPG 520 | |
Actuarial | Actuarial | CPS 320 | CPG 320 |
Audit | Audit | 3PS 310 | - |
Audit and Related Matters | LPS 310 | - | |
Remuneration | Remuneration | CPS 511 | CPG 511 |
Risk management
Topic | Title | Standard | Guidance |
|---|---|---|---|
Risk Management | Risk Management | CPS 220 | CPG 220 |
Credit Risk | Aggregate Exposures | 3PS 221 | 3PG 221 |
Intra-group Transactions | 3PS 222 | 3PG 222 | |
Insurance Risk | LI Risk and Reinsurance | LPS 230 | LPG 240 |
Asset and Liability Management | - | LPG 250 | |
Group Insurance | - | LPG 270 | |
Market Risk | Margining | CPS 226 | - |
Operational Risk | Operational Risk | - | LPG 230 |
Outsourcing | CPS 231 | CPG 231 | |
Business Continuity | - | LPG 232 | |
| Business Continuity | CPS 232 | - |
| Information Security | CPS 234 | CPG 234 |
| Managing Data Risk | - | CPG 235 |
| Climate Change | - | CPG 229 |
Financial resilience
Topic | Title | Standard | Guidance |
|---|---|---|---|
Capital | Capital Adequacy | LPS110 | - |
| Solvency Standard | LPS 100 | - | |
| Capital Management (ICAAP) | - | CPG 110 | |
| Measurement of Capital | LPS 112 | - | |
| Asset Risk Charge | LPS 114 | - | |
| Insurance Risk Charge | LPS 115 | - | |
| Asset Concentration Risk Charge | LPS 117 | - | |
| Operation Risk Charge | LPS 118 | - | |
Liquidity | Valuation of Policy Liabilities | LPS 340 | - |
Other | Termination Values | LPS 360 | - |
| Investment Performance Guarantees | LPS 370 | - | |
| Statutory Funds | LPS 600 | - | |
| Friendly Society Benefit Funds | LPS 700 | LPG 700 |
Recovery and resolution
Topic | Title | Standard | Guidance |
|---|---|---|---|
Resolution | Resolution Planning (2024) | CPS 900 | CPG 900 |
Recovery | Recovery and Exit Planning | CPS 190 | CPG 190 |