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Solvency UK: A partial unveiling

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The Prudential Regulation Authority’s (PRA) late June 2023 consultation, Review of Solvency II: adapting to the UK insurance market needs to be read alongside the Financial Services and Markets Bill, and the two Statutory Instruments published by the Treasury. There will be two further consultations, in September 2023 and in early 2024, and Solvency UK should come into force at the end of 2024.

Solvency UK clearly belongs to the Solvency II family. The first point to note is that those expecting big changes will be disappointed. The UK’s Review of Solvency II focused on a limited number of issues. All the key features of Solvency II have proven their worth over the past ten years, and will not change in Solvency UK.

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