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PRA Consults on Remuneration Rules
25 April 2016
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The PRA is consulting on its draft supervisory statement on Solvency II remuneration requirements.
Current proposals include a wide definition of Key Staff who will be subject to specific arrangements in re/insurance firms’ remuneration policies.
The specific arrangements include deferral of at least 40% of variable pay for a minimum period of three years, during which the variable pay is subject to potential claw-back.
Performance when calculating variable remuneration for Key Staff must be measured against a balanced scorecard of financial and non financial criteria.
James C. Scoville
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