PART 1A

The Regulators
CHAPTER 2

The Prudential Regulation Authority

The PRA's general duties

Insurance objective
2C
1
In discharging its general functions so far as relating to a PRA-regulated activity relating to the effecting or carrying out of contracts of insurance or PRA-authorised persons carrying on that activity, the PRA must, so far as is reasonably possible, act in a way—
a
which is compatible with its general objective and its insurance objective, and
b
which the PRA considers most appropriate for the purpose of advancing those objectives.
2
The PRA's insurance objective is: contributing to the securing of an appropriate degree of protection for those who are or may become policyholders.
3
This section applies only if the effecting or carrying out of contracts of insurance as principal is to any extent a PRA-regulated activity.
Pt. 1A substituted for Pt. 1 (24.1.2013 for specified purposes, 19.2.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), ss. 6(1), 122(3) (with Sch. 20); S.I. 2013/113, art. 2(1)(b)(c)(2), Sch. Pts. 2, 3, 4; S.I. 2013/423, art. 3, Sch.