Jurisdiction(s):
United Kingdom

FCA/PRA governance, risk management, actuarial, outsourcing and operational resilience compliance checklist for Solvency II UK insurers

Published by a LexisNexis Insurance & Reinsurance expert

Checklists

Purpose of this Checklist

This checklist supports Solvency II UK firms in aligning governance, systems and controls with the expectations of the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA). It should be read alongside Practice Note: Governance, systems and controls requirements for insurers, which provides a more detailed overview of the relevant requirements.

Governance and organisational structure

Confirm the board holds ultimate accountability for compliance with PRA, FCA and applicable legislative obligations.
Establish a robust system of governance, featuring a transparent organisational structure with clearly allocated and segregated responsibilities.
Regularly review and update written policies covering risk management, internal control, internal audit and, where relevant, outsourcing.
Maintain documented governing body approvals for significant decisions and policy changes.

Risk management

Implement and embed an effective risk‑management system within decision‑making, ensuring ongoing identification, measurement, monitoring, management and reporting of risks.
Incorporate comprehensive strategies, stress testing, scenario analysis and development of the own risk and solvency assessment (ORSA) into the risk‑management framework.
Ensure that the...

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Web page updated on 27/05/2026

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