Solvency UK risk margin reform expected for end-2023

Written by Adam Cadle

23/06/2023

The UK Government expects that reform of the Solvency UK risk margin will be in force in legislation by year-end 2023.

Draft regulations to reform Solvency II published by the Government, and made available for the purpose of early engagement, also reveal that it is considering options to enable reforms to the matching adjustment to come into force by the end of June 2024. The remainder of the new regime will come into force by year-end 2024, it added.

“These draft statutory instruments are subject to change based on further engagement made possible by publishing the draft now,” the Government stated.

“These regulations will also need to work effectively with related PRA rules. Adjustments to the regulations may be necessary as the PRA completes the development of their rules. Final statutory instruments will be laid in Parliament after the Bill receives Royal Assent.”

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