Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Solvency II definition

What does Solvency II mean? In legal practice, Solvency II describes the risk‑based prudential regime that determines how insurers and reinsurers assess capital, value technical provisions and manage risk, informing authorisations, M&A and portfolio transfers, reinsurance arrangements, and regulatory reporting. The term is defined in legislation: in the EU by Directive 2009/138/EC (and related delegated/implementing measures). In Ireland, Solvency II applies in full and is supervised by the Central Bank of Ireland. In the UK (England & Wales, Scotland and Northern Ireland), the regime derives from retained EU law and PRA rules; it is being reformed as “Solvency UK” under the Financial Services and Markets...

Solvency UK post-Brexit: transposition of Solvency II, FSMA 2023 reforms, PRA restatement of assimilated law, matching adjustment and risk margin changes, and the new Overseas Recognition Regime

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Practice notes

This Practice Note outlines the architecture and statutory underpinnings of Solvency UK. It sets out how the United Kingdom has implemented Directive 2009/138/EC (the Solvency II Directive), considers the consequences of leaving the EU, and charts the emergence of the post‑Brexit Solvency UK regime, with pointers to pertinent UK legislation, Prudential Regulatory Authority (PRA) Rules, and associated PRA policy materials. For further detail on the Solvency UK framework, see Practice Notes: Prudential requirements for UK insurers—introduction, Prudential requirements for UK insurers—Pillar 1 requirements, and Prudential requirements for UK insurers—Pillar 2 and Pillar 3 requirements. For a dated record of how the Solvency UK framework has been developed and rolled out, see: Solvency UK—timeline, for ease of reference in UK, as applicable to firms.

The requirement for transposition and implementation

The Solvency II Directive, as revised—most notably by Directive 2014/51/EU (Omnibus II)—took effect on 1 January 2016. Member States had to enact the domestic measures needed to meet specified provisions of the Solvency II Directive by 31 March 2015, and to ensure those instruments applied from 1 January 2016. The EU Solvency II framework also comprises European regulations in the form of delegated acts and regulatory and implementing technical standards. These...

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Web page updated on 21/05/2026

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