Emma RadmoreThe PRA has finalised and published the final pieces of its rules and policy materials that will replace the Solvency II assimilated law with the new “Solvency UK” regime. The PRA is working to replace all reference to Solvency II and at that stage will stop referring to it as such. Sam Woods described it as a “significant milestone”. The new regime will be implemented in full (including some transitional provisions) by the end of the year, and the PRA will continue to evolve its prudential regulatory framework for insurers.
The PRA’s policy statement including its response to consultation comments, includes a full set of mapping tables to help firms see where various requirements now are. It also sets out a helpful history of the reforms and highlights the areas in which the new regime diverges the most from Solvency II.