Events listed in UK Solvency II
The Insurance and Reinsurance Undertakings (Prudential Requirements) Regulations ...
ID 26165
The new Insurance and Reinsurance Undertakings (Prudential Requirements) Regulations 2023 were published on legislation.gov.uk, the official UK website for publicizing legal documents. The regulations are a second set of changes in relation to Solvency II in an effort to eliminate retained EU legislation (REUL) and to make necessary adjustments to Solvency II to adapt to UK market needs. These new regulations now stipulate certain ...
The Insurance and Reinsurance Undertakings (Prudential Requirements) (Risk Margin) ...
ID 26154
The new Insurance and Reinsurance Undertakings (Prudential Requirements) (Risk Margin) Regulations 2023 were published on legislation.gov.uk, the official UK website for publicizing legal documents. The regulations are a first set of changes in relation to Solvency II in an effort to eliminate retained EU legislation (REUL) and to make necessary adjustments to Solvency II to adapt to UK market needs. These new regulations now ...
CP24/23 – Funded reinsurance
ID 25845
The Prudential Regulation Authority (PRA) has published a consultation paper (CP24/23) to seek feedback on a newly proposed supervisory statement titled „Funded reinsurance“ for life insurance firms engaging in funded reinsurance. Funded reinsurance involves arrangements where an insurance company (the cedant) transfers a portion or all of the risks associated with its policies, in this case annuities, to another party, the reinsurer. This transfer ...
PRA statement on the recalculation of the Transitional Measure on Technical ...
ID 25810
The Bank of England’s Prudential Regulation Authority (PRA) has published a statement addressed at insurance and reinsurance undertakings as regards the recalculation of the transitional measure on technical provisions (TMTP) which permits firms to recalculate and adjust their technical provisions on Solvency II Pillar 2 liabilities following the implementation of Solvency II over a period of time so as to reduce the overall impact ...
Deep, liquid, and transparent (DLT) assessment for January 2024 implementation
ID 25563
The Prudential Regulation Authority of the Bank of England, PRA, has published the latest „Deep, liquid, and transparent (DLT)“ assessment for Solvency II relevant currencies for determining the matching and volatility adjustment for purposes of determining Solvency II capital requirements (SCR). The following table reflects the latest assessment and is applicable from January 1, 2024. Table 1: DLT Assessment for Solvency II relevant Currencies ...
PRA statement on the dynamic general insurance stress test in 2025
ID 25200
The Prudential Regulation Authority (PRA) has published a statement to announce that in 2025, it plans to conduct a dynamic general insurance stress test with the following objectives: 1. Evaluate how well the insurance industry can handle a „specific adverse scenario“ in terms of solvency and liquidity. 2. Assess the effectiveness of insurers‘ risk management and their actions in response to such adverse events. ...
CP19/23 – Review of Solvency II: Reform of the Matching Adjustment
ID 25146
In view of the feedback and the results from the call for evidence on various improvements to Solvency II which was initiated in October 2020, the Prudential Regulation Authority (PRA) has now launched a consultation (CP19/23) on targeted amendments to Solvency II regarding the Matching Adjustment (MA). The MA is highly relevant for insurance undertakings as it allows them to use potentially higher yields ...
Insurer Resolution Regime: Consultation
ID 24523
Following the consulation on a new resolution regime for large, systemically important insurance and reinsurance undertakings including financial and insurance holding companies (please see eventid=19368 for details), the HM Treasury have now issued a consultation outcome paper in this context. Therein, the government briefly describes the responses it has received to the consultation, which were overall supportive, and sets out the Government’s response to ...
PRA statement on the recalculation of the Transitional Measure on Technical ...
ID 24242
The Bank of England’s Prudential Regulation Authority (PRA) has published a statement addressed at insurance and reinsurance undertakings as regards the recalculation of the transitional measure on technical provisions (TMTP) which permits firms to recalculate and adjust their technical provisions on Solvency I Pillar 2 liabilities following the implementation of Solvency II over a period of time so as to reduce the overall impact ...
CP12/23 – Review of Solvency II: Adapting to the UK insurance market
ID 23955
The Prudential Regulation Authority (PRA) has published a consultation paper, CP12/23, outlining proposed reforms to Solvency II, the prudent regulatory framework for insurers in the UK which was „overtaken“ from the EU following the exit from the European Union. The paper is the first of three planned consultation papers as part of the Solvency II review. The aim is to establish a new regulatory ...