The following Financial Services guidance note 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.
Solvency II is a framework for the taking-up of business and supervision of insurance and reinsurance undertakings (hereafter referred to as 'firms') in the European Union (EU). Directive 2009/138/EC (the Solvency II Directive) replaced 14 existing directives (commonly referred to as Solvency I) and provides for a maximum harmonising regime achieving cross-border consistency. It is consistent with other financial service legislation, in particular with the framework for banking supervision (CRD IV/CRR—for more information see Practice Note: CRD IV—essentials). Like CRD IV, Solvency II is based on three pillars:
Pillar 1: valuation and capital requirements
Pillar 2: governance, internal control and risk management requirements
Pillar 3: supervisory reporting and public disclosure
For a one minute guide to Solvency II please see Practice Note: Solvency II—one minute guide and for in depth analysis of the Solvency II requirements across Pillar 1, Pillar 2 and Pillar 3 see Practice Notes: Solvency II—essentials, Prudential requirements for UK insurers—introduction, Prudential requirements for
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