Responses to the Treasury Committee’s report on Solvency II

The House of Commons Treasury Committee has published HM Treasury’s response and the PRA’s interim response to its report on the Solvency II Directive and its impact on the UK insurance industry.

HM Treasury responded to the recommendations set out in the report relating to the PRA’s competitive objective and Brexit.

In its interim response, the PRA advises that it will provide a full provide a full progress report before the end of March 2018. In the interim the PRA states that it believes that there is a lot of common ground between it, the committee and the industry on aspects of Solvency II which do not work well.