We, the Prudential Regulation Authority (PRA), as part of the Bank of England (the Bank), are the UK's prudential regulator for deposit-takers, insurance companies, and designated investment firms.

1. This document sets out how we carry out our role in respect of insurers. It is designed to help regulated firms and the market understand how we supervise these institutions, and to aid accountability to the public and Parliament. A second document relates to our supervision of deposit-takers and designated investment firms. [The Prudential Regulation Authority's approach to banking supervision, July 2023.] The document acts as a standing reference that will be revised and reissued in response to significant legislative and other developments which result in changes to our approach.

2. This document serves three purposes. First, it aids accountability by describing what we seek to achieve and how we intend to achieve it. Second, it communicates to regulated insurers what we expect of them, and what they can expect from us in the course of supervision. Third, it meets the statutory requirement for us to issue guidance on how we intend to advance our objectives. It sits alongside our requirements and expectations as published in the PRA Rulebook and our policy publications. [The way we make policy and links to our policy publications are available on the Bank's website.]