The following Insurance & Reinsurance guidance note Produced in partnership with Clyde & Co provides comprehensive and up to date legal information covering:
BREXIT: As of exit day (31 January 2020) the UK is no longer an EU Member State. However, in accordance with the Withdrawal Agreement, the UK has entered an implementation period, during which it continues to be subject to EU law. This has an impact on this Practice Note. For further guidance, see Practice Note: Impact of Brexit: Solvency II—quick guide.
This Practice Note is one of three that provide an overview of the prudential regulatory framework applicable to UK life and general insurers and reinsurers that fall within the scope of the Solvency II Directive (Directive 2009/138/EC, as amended) (Solvency II) following the implementation of Solvency II on 1 January 2016.
Solvency II represented a major modernisation of European insurance regulation that has been in development since 2001. Unlike the previous, more limited European reforms to insurance regulation in the early 2000s, known as Solvency I, Solvency II is largely a 'maximum harmonisation' regime, meaning that each of the different Member States is restricted from gold-plating the requirements when it is transposed into national law. The Solvency II regime is, therefore, intended to introduce a single set of key prudential requirements which will be applied consistently across insurance and reinsurance entities operating within the
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