Impact of Brexit: Solvency II—quick guide
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)
  • More...

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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