In a welcome move, the Central Bank of Ireland (“CBI”) has simplified the authorisation requirements for Qualifying Investor Alternative Investment Funds (“QIAIFs”) that invest in life settlements by confirming that pre-submissions are no longer required in connection with their applications for authorisation.  These QIAIFs are once again included in the categories of QIAIFs that may avail of the CBI’s 24-hour fast-track authorisation process… 

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Insurers are favouring funded re as it helps firms manage the market and longevity risks associated with writing bulk purchase annuity (BPA) business by reducing capital charges and therefore making PRT deals more competitive. 

Unsurprisingly, given its growth and potential for capital optimisation, UK regulators have been carefully watching the increased use of funded re. In June 2023, the Prudential Regulatory Authority (PRA) sent a “Dear CRO’ letter to heads of risk at UK life insurers.

The letter outlined the regulator’s two main concerns from a sectoral review which it had carried out.

“One of the key risks arising in funded re is that firms recapture sub-optimal portfolios with depressed values and with limited ability to be transformed effectively to the firms’ preferred portfolio,” the PRA letter said.

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