PRA speaks on Solvency UK

Gareth Truran of PRA has spoken on the “Solvency UK” initiative which will replace Solvency II. He said PRA is maintaining the momentum it needs to implement the reforms in 2024. He said the proposals PRA published in June have been well received, and it aims to publish its final policy early next year.

PRA is now moving to consult on reforms to the matching adjustment, and then all that will remain to be published is its plans for stress testing.

Then, beyond 2024, it will be looking at further reforms, such as whether the regime can be improved for small insurers.