"We couldn't do as good a job as we do without it. LexisNexis gives us the security and confidence that we are best serving our clients because the information we are working on is the most accurate we can get"
Avensure
Access all documents on Solvency II
Solvency II is an EU legislation governing the capital adequacy regime for the European insurance industry. It establishes a set of EU-wide capital requirements and risk management standards.
The Solvency II regime was introduced by Directive 2009/138/EC. It codifies and harmonizes the EU-wide rules for insurances and reassurances and regulates the amount of capital EU insurance companies must hold to reduce the risk of insolvency. It also installs requirements on governance and risk management, the effective supervision of insurers and disclosure and transparency.
Speed up all aspects of your legal work with tools that help you to work faster and smarter. Win cases, close deals and grow your business–all whilst saving time and reducing risk.
For our full legal glossary and more legal research sources, register for a free Lexis+ trial
Bank Recovery and Resolution Directive (BRRD)—timeline [Archived] Archived:This timeline has been archived. For developments from January 2024 onwards, see EU Bank Recovery and Resolution Directive—timeline if they relate to the EU BRRD, or UK bank recovery and resolution regime—timeline if they relate to the UK bank recovery and resolution regime, For further guidance on the EU BRRD, see Practice Note: Bank Recovery and Resolution Directive (BRRD)—essentials. For further guidance on the UK bank recovery and resolution regime, see Practice Note: The UK bank recovery and resolution regime. Date Source Document Description 20 December 2023 European Banking Authority The EBA publishes amendments to disclosures and reporting on MREL and TLAC The European Banking Authority (EBA) has published its final draft implementing technical standards (ITS) on amendments to disclosure and reporting of the minimum requirement for own funds and eligible liabilities (MREL) and the total loss absorbency requirement (TLAC). The amendments reflect the new requirement to deduct investments in eligible liabilities instruments of entities belonging to the same resolution group, the...
FCA consultation paper tracker—2017 [Archived] This tracker sets out the consultation papers published by Financial Conduct Authority (FCA) in 2017, along with the publication of any subsequent rules and guidance. For details of FCA consultation papers from other years, see: FCA consultation paper tracker. For details of Prudential Regulation authority (PRA) and Financial Services Authority (FSA) consultation papers, see: • PRA consultation paper tracker • FSA consultation paper tracker [Archived] Topic area Consultation Paper Description Publication date End of consultation period Policy Statement/ Handbook Notice Payment systems and services CP17/44: PSR regulatory fees The Payment Systems Regulator (PSR) and the FCA published a consultation and decision paper setting out their policy decision on the way they will collect PSR regulatory fees in 2018/19 and in subsequent years, and consulting further on the proposed fees allocation method. 15 December 2017 26 January 2018 Handbook Notice 53 (23 March 2018)CP18/8 (23 March 2018) Consumer credit, mortgage and home finance CP17/43: Credit card market study: Persistent debt...
Discover our 35 Checklists on Solvency II
Solvency II—overviewSolvency II is a framework for the taking-up of business and supervision of insurance and reinsurance undertakings (hereafter referred to as ‘firms’) in the European Union (EU). Directive 2009/138/EC (the Solvency II Directive) replaced 14 previous Directives (commonly referred to as Solvency I) and provides for a maximum harmonising regime achieving cross-border consistency. It is consistent with other financial service legislation, in particular with the framework for banking supervision (CRD IV/CRR—for more information, see Practice Note: CRD IV—essentials). It applies to insurance groups as well as solo firms.The Solvency II Directive, being a Directive, was transposed into UK law mainly through rules adopted by the Prudential Regulation Authority (PRA), with some rules adopted by the Financial Conduct Authority (FCA), each underpinned by the UK Solvency II Regulations 2015 which made amendments to various UK legislative provisions, including the Financial Services and Markets Act 2000.The UK withdrew from the EU on 31 December 2020 but retains a regime which is still based on Solvency II, although it has been adapted...
SM&CR—policy development and key dates This Practice Note tracks the development of policy and guidance related to the SM&CR, together with key dates, past and future. For further information and LexisPSL resource on the SM&CR, see SM&CR and approved persons regime—overview. For an introduction to the SM&CR, including further details on future developments, see Practice Note: SM&CR—one minute guide. For developments relating to culture, and diversity and inclusion (D&I), see: Culture and D&I in financial services—timeline Action Date The deadline for responses to HM Treasury’s Call for Evidence and the FCA and PRA’s joint Discussion Paper DP1/23 on the SM&CR was 1 June 2023. The next steps in terms of legislative or regulatory change will depend on findings. See Edinburgh Reforms: Review of SM&CR launched, LNB News 30/03/2023 34 and Practice Note: SM&CR—one minute guide — Policy development. TBC The government is due to formally respond in 2023 to HM Treasury’s Consultation and Call for Evidence on reforms to the payments regulatory landscape, including exploring extending the...
Discover our 218 Practice Notes on Solvency II
Template for regulatory references given by SMCR firms and disclosure requirements [Insert addressee details] Dear [insert name] [It is our understanding that [insert name of prospective employee] [was an employee of yours between the dates of [insert dates as appropriate] OR is a current employee of yours]. As we are considering [insert name of prospective employee] for the position of [insert role as appropriate] we must seek a regulatory reference in accordance with the regulations of the [ Financial Conduct Authority OR Prudential Regulation Authority] and are required to request the following information: OR Further to your recent request for a regulatory reference, it is company policy to confine regulatory references to the following information:] Part One: Form of Template Guide to using this template: Each question must be answered. Where there is nothing to disclose, this should be confirmed by ticking the ‘No’ box for the relevant question. In this template: • ‘we’/‘our firm’ refers to the firm or firms giving the reference (as set...
Dive into our 1 Precedents related to Solvency II
Does Insurance Distribution Directive (IDD) apply to reinsurance undertakings? Does IDD apply to captive reinsurance? What does Insurance Distribution Directive apply to? Article 1(2) of the Insurance Distribution Directive (IDD) states that the IDD applies to any natural or legal person who is established in a Member State or who wishes to be established there in order to take up and pursue the distribution of insurance and reinsurance products. Article 2(2) of IDD means that the activities of advising on, proposing, or carrying out other work preparatory to the conclusion of contracts of reinsurance, of concluding such contracts, or of assisting in the administration and performance of such contracts, in particular in the event of a claim, including when carried out by a reinsurance undertaking without the intervention of a reinsurance intermediary. How is ‘reinsurance undertaking’ defined? Article 2(1)(7) of IDD
Brexit—what are the passporting and equivalence implications for the UK insurance sector? BREXIT: 11pm (GMT) on 31 December 2020 (‘IP completion day’) marked the end of the Brexit transition/implementation period entered into following the UK’s withdrawal from the EU. Following IP completion day, key transitional arrangements come to an end and significant changes begin to take effect across the UK’s legal regime. This document contains guidance on subjects impacted by these changes. Before continuing your research, see: Brexit and financial services: materials on the post-Brexit UK/EU regulatory regime. This Q&A considers the impact of Brexit on passporting in the insurance sector, what options are available to insurers to continue to access the European Economic Areas (EEA) and the factors for insurers to take into account in their contingency planning. This Q&A is produced in partnership with Clare Swirski at Clifford Chance. What are the main aspects of passporting under Solvency II? The activity of providing insurance on a cross-border basis within the EEA is described as 'passporting' and, under Solvency II,...
See the 6 Q&As about Solvency II
This week's edition of Insurance & Reinsurance weekly highlights includes: Broker launches Ukraine property war risk reinsurance; Gallagher settles £15m Koko venue negligence claim; Motor insurer could get £100m boost from rate change; PRA sends Dear CEO letter to PRA-regulated Insurance firms regarding its 2025 priorities for the UK Insurance sector; BoE eyes relaxed financial regulation to support growth; EIOPA publishes 2024 consumer trends report; key dates for your diary; and other news highlights reported over the past week.
Insurance Europe has responded to several consultations by the European Insurance and Occupational Pension’s Authority (EIOPA) as part of level 2 of the technical discussions for the Solvency II review.
Read the latest 1466 News articles on Solvency II
**Trials are provided to all LexisNexis content, excluding Practice Compliance, Practice Management and Risk and Compliance, subscription packages are tailored to your specific needs. To discuss trialling these LexisNexis services please email customer service via our online form. Free trials are only available to individuals based in the UK, Ireland and selected UK overseas territories and Caribbean countries. We may terminate this trial at any time or decide not to give a trial, for any reason. Trial includes one question to LexisAsk during the length of the trial.
0330 161 1234