PRA consults on final Solvency II review steps

The PRA has published a consultation on the final steps it needs to take to implement the conclusions of the Solvency II review and finalise all the PRA materials needed to replace the Solvency II assimilated laws that the Government is revoking. The paper looks at how the PRA proposes to restate into its policy material parts of the regime that have not already been consulted on – and says the restatements will not be materially different in substance to the assimilated materials. The PRA thinks it has already consulted on enough areas of significant reform and it would complicate and delay matters already further advanced to introduce further changes at this stage.

The paper explains the changes the PRA is proposing to make, including where it plans to incorporate EIOPA guidelines into its policy materials, and includes a set of mapping tables as well as draft changes to rules and policy statements.

Consultation closes on 22 July.


Emma Radmore