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.

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This page was produced before the UK’s withdrawal from the EU. The UK has now entered into a transition period, due to end on 31 December 2020, during which EU law will continue to apply. We will update this page at a later date, as appropriate, to reflect the legal and regulatory framework applicable at the end of the transition period.

Latest Solvency II updates

30 June 2020: We published Consultation Paper (CP) 5/20 ‘Solvency II technical information: The PRA’s proposed approach to the publication at the end of the transition period’ alongside a draft Statement of Policy on the same topic. 

27 May 2020: We published Policy Statement (PS) 14/20 'Solvency II: Prudent Person Principle' alongside Supervisory Statement (SS) 1/20 ‘Solvency II: Prudent Person Principle’. Together they contain the PRA’s final policy for investment by Solvency II firms in accordance with the Prudent Person Principle as set out in Chapters 2 to 5 of the Investments Part of the PRA Rulebook.

30 April 2020: We published Policy Statement 10/20 ‘Solvency II: Group availability of subordinated liabilities and group preference shares’, including an update to Supervisory Statement 9/15 ‘Solvency II: Group supervision’

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.

Solvency II news and publications

This page was last updated 30 June 2020
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