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Clifford Chance

Clifford Chance


PRA Supervisory Statement on Solvency II Remuneration Requirements

15 September 2016

All insurance and reinsurance firms within the scope of the Solvency II Directive are bound by the remuneration requirements in the Solvency II Regulation (the "Regulation"). The remuneration requirements address among other matters: the balance between fixed and variable remuneration, the measurement of performance and deferral of a substantial part of
variable remuneration.

The PRA has now published its final supervisory statement (SS) clarifying its expectations of how Category 1 and 2 Solvency II firms should comply with the remuneration requirements of the Regulation. This Briefing note sets out the key provisions of the SS.

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