Solvency II approvals

Insurance firms need to apply to the Prudential Regulation Authority (PRA) for certain approvals under the Solvency II Directive.

We have the power to assess and determine applications for Solvency II approvals under the Solvency II Regulations 2015.

To apply for a Solvency II approval, complete the main application form and, if required, the relevant supplementary information form. Send your application form to S2submissions@bankofengland.co.uk. We do not charge a fee for applications.

WordApplication form: Solvency II approval

Supplementary information forms

 Ancillary own funds (SI Reg 44) PDFDownload PDF
 Exclusions verification (SI Reg 41) PDFDownload PDF
Internal models, including major change applications (SI Reg 48) PDFDownload PDF
 Joint approval for third-country branches (SI Reg 50)   PDFDownload PDF
 Matching adjustment (SI Reg 42)   PDFDownload PDF
Own-fund items not on the list (SI Reg 46)   PDFDownload PDF
 Supervision of group solvency for groups with centralised risk management (SI Reg 52)   PDFDownload PDF
 Transitional measures - risk-free interest rate (SI Reg 53)   PDFDownload PDF
 Transitional measures - technical provisions (SI Reg 54)   PDFDownload PDF
 Undertaking specific parameters (SI Reg 47)   PDFDownload PDF
 Volatility adjustment (SI Reg 43)   PDFDownload PDF

 

Insurance special purpose vehicles

Any applicant that is planning to use a new UK based Special Purpose Vehicle in accordance with Article 211 of the Solvency II Directive should discuss these proposals with PRA authorisations, or where applicable, its usual PRA supervisory contact prior to submitting a formal application for authorisation. Applicants should also refer to the insurance special purpose vehicles webpage for more information.

On 1 November 2017 the PRA published PS26/17 'Authorisation and supervision of insurance special purpose vehicles'.

How we assess and determine Solvency II approvals

We will acknowledge your application when we receive it.

We may contact you for any further information we need to determine your application.

If we decide to grant a Solvency II approval, we will issue an approval letter and a written notice setting out the permission, which entities it applies to, and the time period for which it is valid. If we decide not to approve an application, we will inform you of your options for challenging the decision.

Publishing Solvency II approvals

We have a statutory duty to publish details of Solvency II approvals, unless we consider it inappropriate or unnecessary to do so. Some will be published in abridged form at a firm’s request. Firms can also request that a Solvency II approval is not published, making arguments on the Solvency II approval application form.  

ExcelConsolidated list of Solvency II approval written notices: as at 1 January 2018

Written notices are also available on a firm’s entry in the Financial Services Register.

Solvency II waivers

For information and materials, please see Waivers and modifications of rules.

 
This page was last updated 05 January 2018
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