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PRA announces conclusion of Solvency II review
Written by Adam Cadle
15/11/2024
The PRA has published Policy Statement 15/24 finalising its rules and policy materials that will replace Solvency II assimilated law.
The publication marks the conclusion of the regulator’s phased consultation approach to the Solvency II Review, which began following the Government’s announcement in 2020.
“These reforms and restatement of rules provide a new regulatory framework for maintaining the safety and soundness of insurance firms and protecting their policyholders,” the PRA stated.
“Importantly, they will also advance the PRA’s secondary competitiveness and growth objective by providing a more streamlined and flexible regulatory regime, enabling opportunities for productive investment in the UK and facilitating entry into the UK insurance market.”
PRA CEO, Sam Woods, added: “This is a significant milestone, marking the end of four years of intense work to deliver our post-Brexit framework for the insurance sector. The UK’s new regime will be implemented in full from the end of 2024.”
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