Review of Solvency II: Adapting to the UK Insurance Market

The first of two PRA consultation papers was published on 29 June 2023, marking the next major milestone in the development of Solvency UK. In this newsflash, we discuss some of the key changes included in the consultation paper and what they might mean for insurers.

The first instalment in the PRA’s summer duology of consultation papers covers proposed changes to the statutory framework including reporting requirements and regulatory application processes. Changes to the Risk Margin have already been laid out in a draft statutory instrument published by the UK Treasury, and the changes to the Matching Adjustment will be covered by the second instalment in September.

To learn more about these changes download our newsflash below.

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