Preparing for Brexit: Solvency II—quick guide
Preparing for Brexit: Solvency II—quick guide

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

  • Preparing for Brexit: Solvency II—quick guide
  • UK preparations for Brexit
  • Relevant retained EU law and UK legislation
  • Key changes introduced by the Electronic Commerce and Solvency 2 (Amendment etc.) (EU Exit) Regulations 2019
  • Key changes introduced by the Solvency 2 and Insurance (Amendment, etc.) (EU Exit) Regulations 2019
  • The creation of a Temporary Permissions Regime (TPR)
  • Regulatory Technical Standards—Solvency II
  • Regulators’ transitional powers
  • FCA approach to transitional powers
  • PRA approach to transitional powers
  • more

This Solvency II Directive (Directive 2009/138/EC) (Solvency II) quick guide details current UK legislation, retained EU legislation and Financial Conduct Authority (FCA) rules and guidance in relation to prudential insurance requirements that will be amended and/or revoked by the Electronic Commerce and Solvency 2 (Amendment etc.) (EU Exit) Regulations 2019, SI 2019/1361 and the Solvency 2 and Insurance (Amendment, etc.) (EU Exit) Regulations 2019, SI 2019/407 (the statutory instruments) which come into force on exit day as defined in section 20 of the European Union (Withdrawal) Act 2018 as amended (EU(W)A 2018). In the event of a no-deal Brexit. The changes made in the statutory instruments will not take effect on exit day as defined in the European Union (Withdrawal) Act 2018 (as amended) if the UK enters an implementation period. The Cabinet Office has confirmed that if the UK enters an implementation period, any EU (Withdrawal Agreement) Bill agreed by Parliament and accepted by the other 27 EU Member States as an acceptable way of establishing a legally binding treaty setting out the negotiated terms of the UK’s departure from the EU would need to amend the European Union (Withdrawal) Act 2018 (EU(W)A 2018) so that the conversion of EU law into ‘retained EU law’ would take place at the end of the implementation period (for further details, see: LNB