This report examines the key regulatory updates in August for life insurance companies in Europe. We highlight articles published by the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA).

Key developments include:

• The FCA invites applications for Artificial Intelligence (AI) Live Testing, the fifth and newest component of the AI Lab, which supports innovation in AI models and solutions.
• The FCA publishes findings and next steps on climate reporting, including implementation of the Taskforce on Climate-related Financial Disclosures (TCFD) recommendations.
• The FCA publishes results from life insurers’ pension transfer process, based on data provided by 18 life insurers representing about 80% of all individual personal pensions.
• The FCA announces plans to simplify supervisory communications, in order to clarify its priorities and align with the ongoing review of Consumer Duty requirements.
• The PRA publishes a review of the analytical framework supporting financial policy at the Bank of England, noting a need for improvement in the areas of expanding modelling capability and modular scenario analysis.