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Home > Prudential Regulation Authority > Solvency II approvals
 

Solvency II approvals

This page is for firms wishing to apply to the PRA for approval in relation to a number of measures in accordance with the Solvency II Directive.

How to apply

Firms wishing to apply should complete the Solvency II approval application form, available at the bottom of the page under Key Resources, and, if required, the supplementary information form specific to that approval, provided in the table below.  Applications should be submitted to S2submissions@bankofengland.co.uk.
 
There is no application fee in respect of an application for a Solvency II approval.
 
The PRA has produced checklists designed to help firms submit the necessary information to allow the PRA to consider the application and avoid delays.  The application checklists are based on requirements set out in the Solvency II Directive, Delegated Acts and ITS, and are available as links within the relevant PDFs.
 

Assessing and determining

The power for the PRA to assess and determine applications for Solvency II approvals is set out in the Financial Services and Markets (The Solvency 2 Regulations 2015) (“the Statutory Instrument”).

All applications will be acknowledged upon receipt. 

For certain approval types, the PRA has to determine the completeness of an application before the assessment period can begin. In these instances, the PRA will contact firms following receipt to confirm completeness or request further information. Deadlines for assessing an application also apply in some cases. These are set out in the relevant implementing technical standard.

In the course of its assessment, the PRA may ask for further information it considers necessary to determine the application.

What happens once a decision is reached?

If the PRA decides to grant a Solvency II approval, it will issue an approval letter and a Written Notice setting out the permission, to which entities the permission applies, and the time period for which the permission is valid.   The PRA will also set out any relevant s55M requirements in the Written Notice.
 

If the PRA decides not to approve an application, it will propose to refuse and inform the applicant of the various options open to challenge the decision.

Publication

The PRA has a statutory duty to publish details of Solvency II approvals unless it considers it inappropriate or unnecessary to do so.
 
Some Solvency II approvals will be published in full; others will be published in abridged form at the affected firm’s request.  Firms can request that the Solvency II approval is not published, making arguments under regulation 57 of the Statutory Instrument in the application form.
 
The PRA will update the Financial Services Register with the firm’s Written Notice detailing the Solvency II approval.
 
A consolidated list of Solvency II Approval Written Notices in effect as at 1 November 2017 is available under Key Resources below.
 
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