Impact of Brexit: Solvency II—quick guide

The following Financial Services practice note provides comprehensive and up to date legal information covering:

Impact of Brexit: Solvency II—quick guide
UK preparations for Brexit
Relevant retained EU law and UK legislation—the Solvency II Directive
Key changes introduced by the Solvency 2 and Insurance (Amendment, etc.) (EU Exit) Regulations 2019
Third country equivalence
Transfer of other functions to HMT, BoE and PRA
EU assets and exposures held by UK insurers
Key changes introduced by the Risk Transformation and Solvency 2 (Amendment) (EU Exit) Regulations 2019
Key changes introduced by the Electronic Commerce and Solvency 2 (Amendment etc) (EU Exit) Regulations 2019
The creation of a Temporary Permissions Regime (TPR)

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Financial services contracts regime
Binding Technical Standards—Solvency II
Transfer of roles and responsibilities to the PRA
Temporary transitional powers
FCA approach to TTP
BoE/PRA approach to TTP

BREXIT: 11pm (GMT) on 31 December 2020 (‘IP completion day’) marked the end of the Brexit transition/implementation period entered into following the UK’s withdrawal from the EU. Following IP completion day, key transitional arrangements come to an end and significant changes begin to take effect across the UK’s legal regime. This document contains guidance on subjects impacted by these changes. Before continuing your research, see: Brexit and financial services: materials on the post-Brexit UK/EU regulatory regime.

This Solvency II quick guide details current UK legislation and retained EU legislation in relation to prudential insurance requirements that will be amended and/or revoked by the Solvency 2 and Insurance (Amendment, etc) (EU Exit) Regulations 2019, SI 2019/407 (as amended by the Financial Services (Miscellaneous) (Amendment) (EU Exit) (No 3) Regulations 2019, SI 2019/1390) (the Solvency 2 and Insurance Exit Regulations), the Risk Transformation and Solvency 2 (Amendment) (EU Exit) Regulations 2019, SI 2019/1233 (the Risk and Solvency 2 Exit Regulations), the Electronic Commerce and Solvency 2 (Amendment etc.) (EU Exit) Regulations 2019, SI 2019/1361 (as amended by the Financial Services (Miscellaneous) (Amendment) (EU Exit) (No 3) Regulations 2019, SI 2019/1390) (the E-Commerce and Solvency 2 Exit Regulations) and other instruments at the end of the implementation period following the UK’s withdrawal from the EU, as well as corresponding changes to Prudential Regulation Authority (PRA) regulatory rules and guidance.

UK preparations

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