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

16 June 2021: We launched the Review of Solvency II: Quantitative Impact Study (QIS) page, setting out information regarding our upcoming QIS which will support the review of Solvency II.

3 June 2021: We published PS12/21 ‘Solvency II: Deep, liquid and transparent assessments, and GBP transition to SONIA’ relevant to all UK Solvency II firms, including in respect of the Solvency II groups provisions, and to the Society of Lloyd’s and its managing agents. It contains an updated Statement of Policy ‘The PRA’s approach to the publication of Solvency II technical information’ and a report ‘Deep, liquid, and transparent (DLT) assessment of the Sterling Overnight Index Average (SONIA) Overnight Index Swap (OIS) market’, which can be found on the Technical information for Solvency II firms page

The new policy will take effect from the date of publication of this PS and updated SoP, Thursday 3 June 2021, except for the transition to the new GBP RFR, which will take effect from Saturday 31 July 2021.

Solvency II news and publications

This page was last updated 15 June 2021

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