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

7 January 2021: We published CP1/21 ‘Solvency II: Deep, liquid and transparent assessments, and GBP transition to SONIA’. This CP is 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. Non-Directive firms are out of the scope of this CP. This consultation closes on Wednesday 31 March 2021.

15 December 2020: We announced a delay to the proposed effective date for policy resulting from Consultation Paper (CP) 11/20 ‘Solvency II: The PRA’s expectations for the work of external auditors on the matching adjustment’. Please see the CP page for further details. 

2 December 2020: We published Policy Statement (PS) 24/20 ‘Solvency II technical information: The PRA’s proposed approach to the publication at the end of the transition period’, 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. This includes a Statement of Policy (SoP) ‘The PRA’s approach to the publication of Solvency II technical information’.

30 September 2020: We published our review of Solvency II Effective Value Test parameters, applicable from 30 September 2020. 

Solvency II news and publications

This page was last updated 07 January 2021

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