Solvency II practical review working party

The Solvency II Practical Review Working Party seeks to evaluate the practical implications of Solvency II one year post-implementation and develop improvements for the PRA to consider in respect of this regulation.

Solvency II was implemented at the start of 2016. Already, however, limitations around the application of key aspects have started coming to light. This working party has been established to conduct a practical review of the regulation in order to better understand these limitations and their implications. Through the process of review, the working party aims to develop a list of possible improvements for the PRA to consider.

The working party will specifically focus on:

• technical Provision calculation and Balance Sheet
• standard Formulae application
• reinsurance application under the different models

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 is to gain a clarity on the changes and possible market impact of moving from Solvency II to ‘Solvency UK’ on the non-life sector.

Chair: Amrita Pattni

Dates: 2017