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New product application

The process of obtaining approval as a PRSA provider is challenging and intensive. 

PRSA application process

This document outlines some of the relevant considerations when preparing to submit an application to become a PRSA provider and the process to receiving product approval.

To become a PRSA product provider, the Pensions Authority & Revenue must first grant their approval for all PRSA products being offered. The Pensions Authority will base their decision to grant or refuse approval on the basis of the application form submitted. 

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We have brought 10 different providers through new product application process, with 7 of them becoming product provider for the first time.

We have assisted in the approval of approximately 50 different PRSA products and have been involved in all aspects of submissions. We can provide the guidance and expertise needed for any new PRSA application.

Our involvement would be to support in all aspects of the application process. 

As well as the statutory role, many of the providers we worked with did not have in-house expertise to bring a PRSA product to market and we were therefore involved in all aspects of the new business product development:

  1. Administration – assistance in the development of processes, procedures and controls
  2. Marketing – preparation of marketing material and website development
  3. Profitability testing – designing an appropriate pricing structure to meet profitability targets
  4. Investment options – ensuring an appropriate suite of investments
  5. Development of the Default Investment Strategy
  6. System development – support to ensure appropriate regulatory disclosures are met. We can also provide an illustration system if required.

In the product approval process, we would expect to work very closely with the product provider to gain a thorough understanding of their aims and capabilities. Our approach would very much be driven by our client’s needs. For example, if there is a strong technical actuarial team within our client’s company, we would tend to be less involved in the illustration system development. However, for companies with very little actuarial support, we can provide and integrate an illustration system or provide the necessary specifications and testing for an in-house system to be built.

LCP have always been able to find a solution to any query that we needed sorted. Between their “off the shelf” offerings and their ability to develop a system specifically for us we have never been left without a workable solution.

LCP Ireland client

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