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  2. PRA - Prudential Regulation Authority
  3. Policy Statements
  4. 2024
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  1. PS10/24 - Review of Solvency II: Reform of the Matching Adjustment
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Published date: 6 June 2024

PS10/24 - Review of Solvency II: Reform of the Matching Adjustment

Comparing proposed amendment...
1: Overview (paras. 1.1-1.42)
Background and developments since CP19/23 (paras. 1.4-1.13)
Summary of responses (paras. 1.14-1.19)
Changes to draft policy (paras. 1.20-1.29)
Accountability framework (paras. 1.30-1.32)
Structure of the PS (paras. 1.33-1.35)
Implementation (paras. 1.36-1.42)
2: Investment flexibility (paras. 2.1-2.113)
Introduction (paras. 2.1-2.3)
Changes to draft policy (paras. 2.4-2.5)
Feedback to responses (paras. 2.6-2.113)
3: Liability eligibility (3.1-3.24)
Introduction (paras. 3.1-3.3)
Changes to draft policy (paras. 3.4-3.6)
Feedback to responses (3.7-3.24)
4: Credit ratings under the MA (paras. 4.1-4.40)
Changes to draft policy (paras. 4.4.-4.5)
Feedback to responses (paras. 4.6-4.40)
5: MA permissions, breaches, and consequential rule changes (paras. 5.1-5.44)
Introduction (paras. 5.1-5.3)
Changes to draft policy (paras. 5.4-5.5)
Feedback to responses (paras. 5.6-5.44)
6: Matching adjustment attestation (paras. 6.1-6.57)
Introduction (paras. 6.1-6.3)
Changes to draft policy (paras. 6.4-6.5)
Feedback to responses (paras. 6.6-6.57)
7: Assumptions underlying the MA (paras. 7.1-7.48)
Introduction (paras. 7.1-7.5)
Changes to draft policy (paras. 7.6-7.7)
Feedback to responses (paras. 7.8-7.48)
8: Matching adjustment asset and liability information return data collection (paras. 8.1-8.40)
Introduction (paras. 8.1-8.3)
Changes to draft policy (paras. 8.4-8.5)
Feedback to responses (paras. 8.6-8.40)
9: Notching (paras. 9.1-9.43)
Introduction (paras. 9.1-9.3)
Changes to draft policy (paras. 9.4-9.5)
Feedback to responses (paras. 9.6-9.43)
10: Cost benefit analysis (paras. 10.1-10.33)
Introduction (paras. 10.1-10.4)
Changes to draft policy that impact the CBA (paras. 10.5-10.7)
Feedback to responses (paras. 10.8-10.33)
11: Have regards analysis (paras. 11.1-11.16)
Introduction (paras. 11.1-11.3)
Feedback to responses (paras. 11.4-11.16)
12: General points raised by respondents (paras. 12.1-12.41)
Introduction (paras. 12.1-12.2)
Feedback to responses (paras. 12.3-12.41)
Appendices
Appendix 1: PRA Rulebook: Solvency II Firms Matching Adjustment Instrument 2024
Appendix 2: PRA Rulebook: Near-final Solvency II Firms Reporting Reform (Matching Adjustment) Instrument
Appendix 3: Update to supervisory statement 7/18 - Solvency II: Matching adjustment
Appendix 4: Update to supervisory statement 8/18 - Solvency II: Internal models - modelling of the matching adjustment
Appendix 5: Update to supervisory statement 3/17 - Solvency II: Illiquid unrated asset
Appendix 6: Update to supervisory statement 1/20 - Solvency II: Prudent Person Principle
Appendix 7: Update to supervisory statement 11/16 - Solvency II: External audit of, and responsibilities of the governing body in relation to, the public disclosure requirement
Appendix 8: Statement of policy - Solvency II: Matching Adjustment Permissions
Appendix 9: Update to statement of policy - The PRA’s approach to the publication of Solvency II technical information
Appendix 10: Respondents to CP19/23 who have consented to the publication of their names
Appendix 11: MALIR template
Appendix 12: MALIR instruction
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