Groups

Policies relating to Groups for Solvency 2 insurers.

PRA Rules and Modifications by consent

 

UK legislation

  • Citation, commencement and interpretation – the Solvency 2 Regulations 2015 (SI 2015/575) (Part 1)
  • Groups - The Solvency 2 Regulations 2015 (SI 2015/575) (Part 3)
  • Insurance groups – Commission Delegated Regulation (EU) 2015/35 (Title II) 
  • Third Country Equivalence - Commission Delegated Regulation (EU) 2015/35 (Title III), 
  • Meaning of “approval”, “group application” and “protected item” – The Solvency 2 Regulations 2015 (SI 2015/575) (Regulation 38) 
  • Eligibility, process, information and documents – The Solvency 2 Regulations 2015 (SI 2015/575) (Regulation 39)
  • Eligible own funds for an intermediate insurance holding company – The Solvency 2 Regulations 2015 (SI 2015/575) (Regulation 45)
  • Group applications – The Solvency 2 Regulations 2015 (SI 2015/575) (Regulation 49)
  • Procedure: decisions, appeals and notices – The Solvency 2 Regulations 2015 (SI 2015/575) (Part 4, Chapter 3)
  • Rule waivers – The Solvency 2 Regulations 2015 (SI 2015/575) (Part 4, Chapter 4)

UK technical standards

  • Procedures, formats and templates of the solvency and financial condition report - Commission Implementing Regulation (EU) 2015/2452, as amended, including by The Technical Standards  (Solvency II Directive & Institutions for Occupational Retirement Provision Directive) (EU Exit) Instrument 2019, Annex L

Supervisory Statements

  • Subordinated guarantees and the quality of capital for insurers (SS8/14) 
  • Solvency II: The quality of capital instruments (SS3/15)
  • Solvency II: approvals (SS15/15)
  • Solvency II: Prudent Person Principle (SS1/20)
  • Solvency II: The treatment of pension scheme risk (SS5/15)
  • Solvency II: Group Supervision (SS9/15)
  • Solvency II: regulatory reporting and limitations (SS11/15, in particular para 3.5 and 3.7)
  • Solvency II: applying EIOPA’s Set 1 Guidelines to PRA-authorised firms, (SS22/15, in particular Chapter 9)
  • Solvency II: Regulatory reporting, internal model outputs (SS25/15 in particular paragraph 2.8)
  • Strengthening individual accountability in insurance (SS35/15)
  • Solvency II: internal model reporting codes and components (SS37/15)
  • Solvency II: reporting and public disclosure options provided to supervisory authorities (SS40/15, in particular Chapter 11)
  • Solvency II: Remuneration requirements (SS10/16)
  • Solvency II: External audit of, and responsibilities of the governing body in relation to, the public disclosure requirement (SS11/16)
  • Solvency II: Changes to internal models used by UK insurance firms (SS12/16)
  • Solvency II: ORSA (SS19/16, in particular Chapter 8)
  • Cyber insurance underwriting risk (SS4/17)
  • Financial management and planning by insurers (SS4/18)
  • Solvency II: Matching adjustment (SS7/18, in particular paragraph 2.62)
  • Enhancing banks’ and insurers’ approaches to managing the financial risks from climate change (SS3/19)
  • Liquidity risk management for insurers (SS5/19)
  • Solvency II: Prudent Person Principle (SS1/20)

Other relevant material

Guidelines originally issued by European Supervisory Authorities should be read in conjunction with "Interpretation of EU Guidelines and Recommendations: Bank of England and PRA approach after the UK’s withdrawal from the EU" (Statement of Policy)

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This page was last updated 31 January 2023