Workshop G1: Solvency UK: one step closer
The November 2022 publication of the HM Treasury response to the Solvency II reform consultation brought us one step closer to clarity on future of UK prudential regulation, with several specifics to be worked through. A year on, this talk explores the developments to date and the potential implications of the reforms for the UK bulk purchase annuity market. In early 2023, subject expert groups between PRA and industry considered key topics such as matching adjustment attestation, notching, and investment flexibility. HM Treasury published draft statutory instruments including details on the proposed calibration for the risk margin. These activities have been complemented by an initial June consultation from the PRA covering areas such as transitional measures, internal model applications, and capital add-ons, with further consultation expected in September. The talk is expected to: summarise key developments over 2023, ensuring up-to-date knowledge on the SUK reforms, to allow delegates to develop a good understanding of likely future regulatory regime; provide views on the potential impact of developments to encourage discussion and further reflection among delegates; explore potential next steps and any areas of uncertainty to enable delegates to form opinions on how their work may be impacted.
