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European Union Solvency II

The European Union is an economic and political partnership comprised of 27 nations within the Eurozone. The EU was established in 1948 to promote stability and cooperation among member states in the aftermath of... more +
The European Union is an economic and political partnership comprised of 27 nations within the Eurozone. The EU was established in 1948 to promote stability and cooperation among member states in the aftermath of WWII. The EU maintains a common currency as well as several intranational institutions, including the European Parliament and the European Commission. less -
Skadden, Arps, Slate, Meagher & Flom LLP

The Standard Formula: A Guide to Solvency II – Chapter 5: The Matching Adjustment

1. Background to the Matching Adjustment - “Where insurance and reinsurance undertakings hold bonds or other assets with similar cash flow characteristics to maturity, they are not exposed to the risk of changing spreads...more

Skadden, Arps, Slate, Meagher & Flom LLP

The Standard Formula Podcast | Investment Rules for Insurers and Reinsurers

This episode of “The Standard Formula” podcast features a conversation with the Financial Institutions Group’s Ben Lyon and Verena Mengis, who walk listeners though recent proposals for reform relating to Solvency U.K. and...more

Skadden, Arps, Slate, Meagher & Flom LLP

PRA Announces Final Adjustments to ‘Solvency UK’ Rules and Consults on Requirements for ‘Solvent Exit’ Plans

As discussed in our previous updates, in June 2020 the UK government announced a wide-ranging review of the Solvency II framework in the UK, aimed at reforming the insurance regulatory framework inherited from the EU given...more

Skadden, Arps, Slate, Meagher & Flom LLP

The Standard Formula: A Guide to Solvency II – Chapter 4: Groups

Group supervision regulates the impact that members of a Solvency II group may have on a UK Solvency II insurer. The rules governing Solvency II groups are contained in the PRA Rulebook (Group Supervision), the Solvency 2...more

Skadden, Arps, Slate, Meagher & Flom LLP

The Standard Formula Podcast | Understanding the UK’s Matching Adjustment Regime

“The Standard Formula” host Rob Chaplin is joined in this episode by colleague Theo Charalambous as they map out the intricacies of the U.K.’s matching adjustment regime for insurers, which will soon be reformed. The...more

Conyers

Guiding Captives Through Global Developments

Conyers on

Bermuda formed the first modern captive in 1962 and remains the leading offshore captive domicile, with approximately 700 licenced captives on its register. Bermuda’s captive industry has remained resilient in the face of...more

Hogan Lovells

Actualités Législatives et Réglementaires – Janvier 2024

Hogan Lovells on

Le bureau Parisien de Hogan Lovells a le plaisir de vous adresser sa lettre d'information mensuelle qui vous présente les Actualités législatives et réglementaires du mois de janvier 2024. Ces Actualités législatives et...more

Skadden, Arps, Slate, Meagher & Flom LLP

The Standard Formula: A Guide to Solvency II – Chapter 3: Cross-Border Services and Overseas Branches

(Re)insurance is a global business. It is common for (re)insurance groups to operate in a range of jurisdictions via: i. locally incorporated and authorised subsidiaries, ii. local branches of third country...more

Skadden, Arps, Slate, Meagher & Flom LLP

The Standard Formula: A Guide to Solvency II – Chapter 2: Reinsurance and Risk Transfer

The primary function of an insurer is the assumption and management of insurance risk. Very commonly, this will involve an insurer passing (or ceding) risk to other (re)insurers or protection providers in the relevant market....more

Skadden, Arps, Slate, Meagher & Flom LLP

The Standard Formula Podcast | Solvency II Back to Basics: Third Country Branches and Cross-Border Provision of Services

“The Standard Formula” podcast continues its Back to Basics series — a deep dive into the Solvency II regime — discussing the regime’s provisions regarding third country branches and the cross-border provision of services. ...more

Skadden, Arps, Slate, Meagher & Flom LLP

The Standard Formula: A Guide to Solvency II – Chapter 1: Own Funds

Own funds is the Solvency II term for the items that constitute a (re)insurer’s regulatory capital. These are principally balance sheet items, with limited allowance for off-balance sheet items. Own funds are items that...more

Skadden, Arps, Slate, Meagher & Flom LLP

The Standard Formula Podcast | Back to Basics: Exploring the Many Facets of the Solvency II Regime

"The Standard Formula” host Robert Chaplin introduced the first in the podcast’s Back to Basics series, which will dissect the entirety of the Solvency II regime. In the series’ inaugural episode, Rob is joined by associate...more

Goodwin

Horizon Scan for Private Investment Funds: Key Recent and Expected Funds, Regulatory, and Tax Developments to Look Out For

Goodwin on

Welcome to the third edition of our Horizon Scan, where we focus on some of the principal recent and expected developments and changes that we expect to be of interest to those in the private funds and investment management...more

Shearman & Sterling LLP

A Boost for U.K. Financial Services - The U.K. Financial Services and Markets Act 2023

The U.K.’s newest Financial Services and Markets Act of 2023 (“FSM Act”) received Royal Assent on 29 June 2023. Certain parts came into force on its passing, others will come into effect two months after that, and the...more

Skadden, Arps, Slate, Meagher & Flom LLP

From Solvency II to Solvency UK: The PRA Provides Further Details of Its Post-Brexit Solvency II Reforms

The EU’s Solvency II regime came into force in the UK on 1 January 2016, following many years of development in which the UK was deeply involved. In June 2020, post-Brexit, the government announced a wide-ranging review of...more

Latham & Watkins LLP

European Commission Proposes Wide-Ranging Enhancements to Retail Investor Protection Rules

Latham & Watkins LLP on

As the “most ambitious legislative proposal since the inception of EU financial regulation”, the changes would make significant amendments to MiFID II and PRIIPs. On 24 May 2023, the European Commission (Commission)...more

Skadden, Arps, Slate, Meagher & Flom LLP

The UK PRA’s Priorities for Insurance Supervision in 2023

The UK Prudential Regulation Authority (PRA) laid out its priorities for insurance supervision this year in a 10 January 2023 Priorities Letter. In this newsletter, we summarise the broad themes emerging from the Priorities...more

Latham & Watkins LLP

The “Edinburgh Reforms”: Timetable of Key Changes

Latham & Watkins LLP on

The timetable sets out three tranches of extensive regulatory changes to UK and EU law in 2023 and 2024. The “Edinburgh Reforms”, a series of announcements made on 9 December 2022 by the Chancellor of the Exchequer, set...more

Cadwalader, Wickersham & Taft LLP

European Supervisory Authorities Publish Joint Advice on the Review of the Securitisation Prudential Framework

On 12 December 2022, the three European Supervisory Authorities (“EBA,” “EIOPA” and “ESMA”) published a joint advice on the review of the securitisation prudential framework....more

Skadden, Arps, Slate, Meagher & Flom LLP

From Solvency II to Solvency UK: The UK Government Announces Its Post-Brexit Solvency II Reforms

Following the UK’s departure from the European Union (Brexit) on December 31, 2020, the UK is now exercising its freedom to move away from key EU insurance prudential regulatory standards. These moves include liberalization...more

Cadwalader, Wickersham & Taft LLP

Queen’s Speech 2022: UK Government to Revoke EU Financial Regulations (Eventually)

On May 10, 2022, Prince Charles announced in the Queen’s Speech that the Government would bring in new legislation to “strengthen” the UK’s financial services industry to ensure that it acts “in the interest of all people and...more

Hogan Lovells

HM Treasury and the PRA start the consultation process on reforms to the UK’s Solvency II regime

Hogan Lovells on

Yesterday (28 April 2022), HM Treasury published its much-anticipated consultation paper on its proposals to reform aspects of the UK’s Solvency II regime. At the same time, the Prudential Regulation Authority (PRA)...more

Hogan Lovells

Long awaited proposals to reform the EU Solvency II insurance regime are published

Hogan Lovells on

The recent proposal for the revision of the Solvency II regime adopted by the European Commission anticipates interesting topics that will generate much debate in the future as they will define a new regulatory framework to...more

Hogan Lovells

Insurance regulatory news, August 2021

Hogan Lovells on

Solvency II review: PRA QIS material and related Dear CEO letter on data gathering The Prudential Regulation Authority (PRA) has updated its Solvency II Review Quantitative Impact Study (QIS) webpage with the QIS materials,...more

Hogan Lovells

Insurance regulatory news, July 2021 #3

Hogan Lovells on

COVID-19 BI insurance test case: FCA updates webpage The Financial Conduct Authority (FCA) has updated the webpage on its business interruption (BI) insurance test case. The FCA has published the Supreme Court order varying...more

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