New Solvency II rules package updated on November by the Prudential Regulation Authority

The Prudential Regulation Authority (PRA) is gearing up to release its long-awaited final Solvency II rules package in mid-November, set to go live on 31 December 2024. These landmark changes will reshape regulatory requirements for UK Solvency II firms, insurance groups, and select third-country branches.

The upcoming rules could require updates to existing PRA waivers and modifications, especially those tied to retained EU law and the PRA Rulebook. To ease the transition, the PRA will directly reach out to affected firms later this month with simple steps to align their compliance needs, ensuring a seamless shift to the new framework. Firms will have until 30 December to provide necessary consent, allowing uninterrupted compliance into the new year.

More details will soon be posted on the Bank of England’s website. Stay tuned!

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