Key takeaways

• Solvency II is required to be transposed into the national laws of the UK and other Member States of the European Union by Tuesday, 31 March 2015.
• The UK Prudential Regulation Authority (“PRA”) on 20 March 2015 published a policy statement setting out the rules and accompanying supervisory statements required for the PRA’s implementation of Solvency II, and from Tuesday firms affected by Solvency II will be able to apply formally to the PRA for various approvals contemplated by Solvency II, including for the use of internal models and the matching adjustment when calculating their Solvency Capital Requirement.
• In addition, on 20th March 2015, the EU Commission published three Solvency II Implementing Regulations in the Official Journal of the EU setting out procedures for supervisory approvals. These regulations came into force on 21st March 2015, and are directly effective across the EU without the need for any national implementing measures.