In the European Union, insurers are preparing for the 2020 Solvency II Directive review, with EIOPAÂ publishing their opinion at the end of 2020. Whereas EIOPA has noted that overall, the regime is working well and only requires a number of adjustments, the post-Brexit question still looms large: What is the UK approach towards reviewing Solvency II?
Whereas the details of the review remain to be seen, we have summed up what has happened so far:
- On 23 June 2020, it was announced that the UK would retain a certain scope of the Solvency II regime post-Brexit.
- The UK Government launched a call for evidence in October 2020, outlining key points.
Read the CfE here. - The Response to the Call for Evidence was published on 1st July 2021.
- The Bank of England launched the Quantitative Impact Survey (QIS) on 20th July 2021, asking firms to respond within a three-month timeframe.
- On 13th August 2021, Charlotte Gerken (Executive Director, Insurance Prudential Regulation Authority) pinned a letter to CFO’s, introducing a qualitative questionnaire to support the development of Solvency II reform.
The process of Solvency II review in the UK is largely ongoing and most still remains to be seen- whatever the changes to Solvency II reporting, we will be prepared and address them in a timely manner.
