PRA consults on review of Solvency II

The PRA has published a consultation on its proposed changes to Solvency II reporting requirements and expectations. The proposals would result in changes to the following policy material:

• The onshored version of the Commission Implementing Regulation (EU) 2015/2450 Instrument 2021
• Minimum Capital Requirement Part of the PRA Rulebook
• Supervisory Statements (SS):
  • SS11/15 ‘Solvency II: Regulatory Reporting and exemptions’;
  • SS40/15 ‘Solvency II: reporting and public disclosure options provided to supervisory authorities’;
  • SS41/15 ‘Solvency II: applying EIOPA Set 2, System of Governance and ORSA Guidelines’; and
  • SS44/15 ‘Solvency II: third-country insurance and pure reinsurance branches’.
• Statement of Policy ‘Interpretation of EU Guidelines and Recommendations: Bank of England and PRA approach after the UK’s withdrawal from the EU’.

The consultation closes on 8 October 2021.