This policy statement publishes the rules and accompanying supervisory statements required for the PRA’s implementation of the Solvency II Directive. The rules and supervisory statements were proposed in five consultation papers, listed below, during 2014/15. Feedback to these consultation papers is provided in the policy statement.
The policy statement is relevant to all UK Solvency II Firms and to Lloyd’s. The sections which relate to with-profits will also be relevant to non-directive firms that write with-profits business in the UK.
From 1 April 2015, firms will be able to submit applications for Solvency II approvals via the Bank of England webpage ‘Approvals and waivers under the Solvency II Directive’, available as a related link.
HM Treasury is also making corresponding amendments to statutory legislation for their implementation of Solvency II.
Please follow the below link to access related documents, including national specific templates and log files contained in Appendix 3 of PS2/15 Solvency II: a new regime for insurers.
Solvency II: A new regime for insurers - PS2/15 - Related documents