Solvency II

Solvency II sets out regulatory requirements for insurance firms and groups, covering financial resources, governance and accountability, risk assessment and management, supervision, reporting and public disclosure.

Background

Solvency II came into force on 1 January 2016. You can see the full directive, and read more about Solvency II from the European Insurance and Occupational Pensions Authority.

Firms can apply for a Solvency II approval, a waiver or modification of rules, and find out about regulatory reporting under Solvency II.

Please see The National Archives for historic Solvency II information.

Latest Solvency II updates

15 November 2023: We published a statement on the recalculation of the Transitional Measure on Technical Provisions (TMTP) , relevant to PRA-regulated insurance firms. 

30 October 2023: We published information on the outcomes of the annual DLT assessment for PRA relevant currencies, as conducted by the PRA in September 2023, on 'Deep, liquid, and transparent (DLT) assessments for January 2024 implementation'

11 October 2023: Following the release of CP19/23  – Review of Solvency II: Reform of the Matching Adjustment, the PRA and ABI will be hosting two roundtables at the ABI offices (One America Square, London, EC3N 2LB):

  • Roundtable 1: focusing on investment flexibility and attestation proposals, 1pm to 2.30pm, 30 October
  • Roundtable 2: focusing on all other proposals in the CP, 1pm to 2.30pm, 1 November

The purpose of these meetings is to summarise the key aspects of the CP, provide guidance for firms’ submitting their formal CP responses, and take initial questions. PRA attendees will consist of technical policy colleagues and the meeting is expected to take place at a working level.

Please confirm your intention to attend by emailing Solvency2Review@bankofengland.co.uk with the relevant name(s) and email address(es), specifying the attendees for each roundtable, including whether they will come to ABI’s offices or attend virtually. We would welcome two attendees per insurance organisation and one attendee per consultancy for each of the roundtables. The deadline for responses is 25 October. Following your response, we will issue the invitations, MS Teams dial-in details and agendas ahead of the meetings. If you have any particular questions on the proposals in the CP you would like covered in the sessions please send these through in advance.

Solvency II news and publications

  • This report is a quarterly statistical release of aggregated data, produced using PRA regulatory data supplied by UK authorised insurance firms.

    The insurance aggregate data quarterly report and data file are scheduled to be updated on: 

    • 29 December 2023 (September 2023 data)
    • 29 March 2024 (December 2023 data)
    • 28 June 2024 (March 2024 data)
    • 30 September 2024 (June 2024 data)
    • 31 December 2024 (September 2024 data)
    • 31 March 2025 (December 2024 data)
    • 30 June 2025m (March 2025 data)
    • 30 September 2025 (June 2025 data)
    • 31 December 2025 (September 2025 data)
    • 31 March 2026 (December 2025 data)

    This report is an annual statistical release of aggregated data, produced using PRA regulatory data supplied by UK authorised insurance firms.

    The insurance aggregate data annual report and data file are scheduled to be updated on: 

    • 28 June 2024
    • 30 June 2025
This page was last updated 17 November 2023

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