Review of Solvency II – PRA statement on existing Solvency II rule waivers and modifications

The PRA is issuing this statement to provide an update to firms that hold existing PRA directions in respect of waivers or modifications of PRA rules. Potential changes may be required to the wording of these directions in order to reflect the final PRA rules following the Review of Solvency II, which will come into effect on 31 December 2024.

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This is relevant to all PRA regulated UK Solvency II firms and groups that are currently subject to PRA directions containing waiver or modification of PRA rules. A separate letter will be issued to third-country branches shortly.

The PRA intends to publish its final package of rules relating to the Solvency II Review in mid-November 2024. These rules will come into effect on 31 December 2024. The PRA has published three major policy statements (PS) on the Review of Solvency II:

• PS2/24 – Review of Solvency II: Adapting to the UK insurance market,

• PS3/24 – Review of Solvency II: Reporting and disclosure phase 2 near-final; and

• PS10/24 â

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