Solvency II was implemented at the start of 2016 following 15 years of thorough consultation. However, practical issues with its application came to light. In addition to this, the Treasury Select Committee carried out an inquiry on the possible modifications to Solvency II post Brexit. The working party’s initial scope focused on carrying out a practical review of the Solvency II regime to help guide these modifications. On 17 November 2022, the government announced its final proposals and the reformed Solvency II regime will be known as ‘Solvency UK’. The renewed working party scope was to gain a clarity on the changes and possible market impact of moving from Solvency II to ‘Solvency UK’ on the non-life sector. This talk will present the working party’s findings and additional points to consider in transitioning to Solvency UK.

Speakers: Amrita Pattni and Guy Carpenter