Update 9 January 2020: This SS was updated following publication of Policy Statement 1/20 ‘Solvency II – Longevity risk transfers - simplification of pre-notification expectations’.
Published on 25 November 2016
This supervisory statement (SS) is addressed to all UK firms that fall within the scope of Solvency II, and to Lloyd’s. It sets out the Prudential Regulation Authority’s (PRA’s) views on the general issues arising from longevity risk transfers, and clarifies the PRA’s expectations on UK insurers and reinsurers carrying out these transactions as either the buyer or the seller of longevity protection.
This statement should be read in conjunction with the PRA’s rules in the Solvency II Sector of the PRA Rulebook and the PRA’s approach to insurance supervision document.