Solvency II Newsflash
PRA publishes its Quantitative Impact Study
23 Jul 2021
On Tuesday 20 July the Prudential Regulation Authority (the ‘PRA’) published the Quantitative Impact Study (‘QIS’) which is expected to be a key stage in the much anticipated post-Brexit review of Solvency II.
Now that the UK is no longer subject to the Solvency II Directive, there has been much speculation about how it may shape the regulatory regime to make it more aligned with the characteristics of the UK insurance industry. The first key milestone in this review was Her Majesty’s Treasury’s (‘HMT’) Call for Evidence which was published in October 2020 and asked for views on various aspects of the Solvency II regulatory regime. As we discussed in a previous Newsflash, the Call for Evidence did not contain any indication of changes that were likely to be supported by the Government or the PRA, but did provide an insight into the aspects of the existing framework that would likely be considered.
Read our full newsflash to find out more.
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