Impact of Brexit: Solvency II—quick guide [Archived]
Published by a LexisNexis Financial Services expert
Practice notesImpact of Brexit: Solvency II—quick guide [Archived]
Published by a LexisNexis Financial Services expert
Practice notes
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
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Jurisdiction(s):
United Kingdom
Related legal acts:
Key definition:
Brexit definition
What does Brexit mean?
means: (a) the United Kingdom (UK) ceasing to be a member state of the European Union (EU) and/or the European Economic Area (EEA) on exit day; and/or (b) the commencement, end of[ or variation in] any transitional, trading or other arrangements from time to time between: (i) the UK and the EU and/or EEA (including during any implementation period and IP Completion Day); and/or (ii) the UK and any other country, group of countries, international organisation, bloc or body (including the World Trade Organization) in contemplation of or (directly or indirectly) in connection with the UK’s said cessation of membership;
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