Update 14 March 2019
The SS was amended in Chapter 5A following Policy Statement 9/19 ‘Solvency II – Group own fund availability’ to clarify that in assessing group own funds availability, the solo Solvency Capital Requirement should no longer be presumed to be a barrier to availability. The SS clarifies that the PRA expects such availability analysis to be provided only where a group insurer is based in a jurisdiction that is not subject to a regime that is similar to, and not built on the same principles in relation to capital requirements and quality of capital at solo level as, the UK solvency regime.
This SS was also updated to simplify the formatting and aid readability, including sequential numbering of footnotes, the updating of hyperlinks to reflect the location on the Bank of England’s website, and to make hyperlinks more easily identifiable.
