For guidance on the impact of Brexit, see Practice Note: Impact of Brexit: Solvency II—quick guide and EU and UK regimes for determining equivalence of third country insurance regulation regimes.
Solvency II (including the Directive 2009/138/EC, Solvency II Directive, the Directive 2014/51/EU, Omnibus II Directive, the Directive 2013/58/EU, Second Solvency II Quick Fix and related materials) deals with the capital, governance and reporting requirements for insurance firms. The Solvency II Directive was adopted by the European Parliament in 2009, Member States were required to transpose it into national law by 31 March 2015 and apply the laws from 1 January 2016.
The UK’s domestic legal framework for Directive 2009/138/EC, Solvency II Directive, is implemented predominately through Financial Services and Markets Act 2000. Further detail appears in statutory instruments made by HM Treasury or in rules made by the PRA.
The responsibility to oversee (re)insurers’ compliance with the Solvency II in the UK rests with the PRA. In March 2015, the PRA was given the necessary additional administrative powers to enable it to administer approvals and take actions that were not previously...
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