In October 2020, HM Treasury released a consultation signifying the UK’s departure from the European Union (EU) rules. Given the current regime is centered on an EU insurance sector, the Call for Evidence seeks to garner industry views in support of a UK Solvency II model. The purpose of the review is to assess potential areas for reform of Solvency II, aiding in greater efficiency and effectiveness of the application of the UK prudential regulatory system.
In this paper, we highlight
- The key message from the Call for Evidence consultation
- Areas under review
- Solvency II considerations for insurance firms
- Our recommendations for the sector
- How Capco can help.
To support in your understanding and implementation of the latest Solvency II requirements, Capco’s Insurance practice has a team of experts in regulatory and accounting change execution. The team has a wealth of experience in supporting clients to meet regulatory reporting and disclosure requirements in an efficient and compliant way. Contact Matt Hutchins, UK Partner to find out more.