Impact of Brexit: Solvency II—quick guide
Brexit

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

  • Impact of Brexit: Solvency II—quick guide
  • Overview of onshored and preserved EU-derived law post-IP completion day
  • 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)
    • More...

Impact of Brexit: Solvency II—quick guide

This Solvency II quick guide details current UK legislation and retained EU legislation in relation to prudential insurance requirements that is 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.

Overview of onshored and preserved EU-derived law post-IP completion day

The Solvency 2 and Insurance Exit Regulations, the Risk and Solvency 2 Exit Regulations and the E-Commerce and Solvency 2 Exit Regulations 2019 were made on 28 February 2019, 5 September 2019 and 24 October 2019 respectively. The statutory instruments (SIs) are part of HM Treasury’s programme of SIs under the European Union (Withdrawal) Act 2018 (EU(W)A 2018) dealing with contingency

Discover LexisPSL
Clear, practical guidance for all legal professionals
Related documents:

Popular documents

Summary assessment—statement of costs

Summary assessment—statement of costs

Summary assessment—statement of costsSummary assessment is the procedure whereby costs are assessed by the judge who has heard the case or application (see Practice Note: Summary assessment). This Practice Note considers the use of a statement of costs in summary assessment. Form N260 is a model

Common financial covenants

Common financial covenants

Common financial covenantsThis Practice Note explains certain common financial covenants used in commercial finance transactions including:•minimum net worth test•gearing ratio•leverage ratio (or debt to equity ratio)•current ratio (or acid test ratio)•cashflow ratio•interest cover ratio, and•loan

Capital allowances on property sales—pre-contract enquiries

Capital allowances on property sales—pre-contract enquiries

Capital allowances on property sales—pre-contract enquiriesThis Practice Note is about capital allowance-related pre-contract enquiries on a property transfer. It applies to the grant of a new property interest (eg a lease) as well as to the acquisition of an existing lease or freehold.For clauses

EL/PL claims in the portal—a practical guide (Stage 1)

EL/PL claims in the portal—a practical guide (Stage 1)

EL/PL claims in the portal—a practical guide (Stage 1)This Practice Note provides an overview of the Pre-Action Protocol for Low Value Personal Injury (Employers’ Liability and Public Liability) Claims from 31 July 2013 (the EL/PL protocol) in particular Stage 1 of the process. For guidance on Stage