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.
The UK used three levels of law for the implementation of Directive 2009/138/EC (the Solvency II Directive), namely
the Financial Services and Markets Act 2000 (FSMA 2000),
statutory instruments (orders and regulations) made under FSMA 2000, and
rules, which are made by the Prudential Regulation Authority (PRA) in legal instruments under delegated authority given to it by FSMA 2000.
Other aspects of the Solvency II framework, made by the European Commission (Commission) under delegated authority given to it by the Solvency II Directive, have direct application in Member States and are not separately implemented in the UK.
This Practice Note focuses on the transposition and implementation of the Solvency II Directive in the UK. For a chronological tracker of the development and implementation of the Solvency II framework, including links to EU and UK legislation, rules and guidance, see the following timelines:
Solvency II—timeline. This timeline shows the latest developments related to
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