The statement made by Rishi Sunak, The Chancellor of the Exchequer, on 23 June 2020 included the following in respect of Solvency II and insurers:
The Government also plans to bring forward a review of certain features of Solvency II to ensure that it is properly tailored to take account of the structural features of the UK insurance sector. The review will consider areas that have been the subject of long-standing discussion while the UK was a Member State, some of which may also form part of the EU’s intended review. These will include, but are not limited to, the risk margin, the matching adjustment, the operation of internal models and reporting requirements for insurers. The Government expects to publish a Call for Evidence in Autumn 2020.
David Gray, Consultant Actuary, comments: “The features to be reviewed are in line with expectations.”
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