Solvency II approvals

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

Overview

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

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 June 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.

 

Privacy notice

How we use your information

Information we collect

Through our authorisations forms, the Bank of England (the ‘Bank’) collects personal data about you. This personal data could include (depending on the application or notification form submitted) personal identification details, contact information, addresses, employment history and information relating to fitness and propriety such as criminal, civil and regulatory matters. Each form clearly states what personal data is being gathered. The Bank may make further enquiries and seek similar information from third parties and other data sources as we think appropriate to identify and verify information that we consider relevant to the application or notification, this could include criminal, credit and other background checks.                                                                                               

Why we need your personal data

The Bank collects personal data to process a range of authorisation applications and notifications, which include:

  • New firm authorisations
  • Senior Management and Senior Insurance Management Functions
  • Waivers and Modifications of rules
  • Variations and cancelling of Permissions
  • Change in Control
  • Standing Data
  • Passporting

This information is used to assist the Bank of England in discharging its functions, in particular the statutory functions of the Prudential Regulation Authority under the Financial Services and Markets Act 2000 and other relevant legislation.

What we do with your personal data

In complying with applicable laws and for law enforcement purposes, we may disclose information to any government entity, regulatory authority or to any other person the Bank reasonably considers necessary. This may mean that personal data is transferred outside the European Economic Area. Otherwise, we will not disclose your information without your permission. Your personal data will be retained in accordance with the Bank’s records management schedule. 

Your rights

You have a number of rights under data protection laws.  For example, you have the right to ask us for a copy of the personal data the Bank holds about you. You can also ask us to change how we process or deal with your personal data, and you may have the right in some circumstances to have your personal data amended or deleted. To contact us about those rights, including making a request for the personal data we hold about you, or to find out more about privacy and data protection at the Bank, please see the Privacy and the Bank of England page.

This page was last updated 05 June 2018
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