Solvency II: supervisory approval for the volatility adjustment

Supervisory Statement 23/15

Update 17 October 2018

SS23/15 was updated following Policy Statement 22/18 ‘Solvency II: Supervisory approval for the volatility adjustment’. Details of the updates are available in the Annex to the SS. 

Published on 1 June 2015

Background

This supervisory statement is addressed to UK Solvency II firms and to Lloyd’s. It sets out the Prudential Regulation Authority’s (PRA’s) expectations of firms applying for permission to apply a volatility adjustment (VA). In particular, the statement clarifies:

  • the items that should be included in an application to use the VA;
  • how the PRA will use the content of applications to assess whether the statutory conditions for approval to use the VA have been satisfied; and
  • how the VA approval process will work. 
Date of publication Supervisory Statement Update detail Effective from
Current version
17 October 2018 PDFSupervisory Statement 23/15 UPDATE This SS was updated following Policy Statement 22/18 'Solvency II: Supervisory approval for the volatility adjustment'  17 October 2018 
Past version
1 June 2015  PDFSupervisory Statement 23/15 Initial publication following Consultation Paper 11/15  1 June 2015 
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