July 2023: This issue of 'The Prudential Regulation Authority's approach to insurance supervision' has been updated to reflect recent developments in policies and approach. The key changes are outlined below.

• New foreword from Sam Woods, PRA CEO and Deputy Governor for Prudential Regulation at the Bank (pages 3-4).

• Removal of text regarding the UK's withdrawal from the EU following transition to a steady state relationship with the EU post-withdrawal.

• Addition of text relating to the 2023 Act and the PRA's additional secondary objective for international competitiveness and the growth of the UK economy in the medium to long-term (page 6).

• Addition of text relating to disruption to continuity of critical economic functions in relation to the PRA's general objective (page 7).

• Addition of text relating to orderly firm failure (page 9).

• Addition of text relating to the 2023 Act requirement for the PRA to 'have regard' to the government's 2050-net zero target and environment targets (page 10).

• Update to 'Box 2 - Working with other authorities' following EU withdrawal (page 14).

• Removal of previous Figure 1 - The PRA's approach to risk assessment.