11 October 2018
On 9th October 2018 HM Treasury ("HMT") published guidance on the amendments to be made by the Solvency II and Insurance (Amendments) (EU Exit) Regulations 2018 (the "Solvency II SI") to retained EU law relating to the implementation of the Solvency II legislation in the UK. The Solvency II SI will be made under powers granted under the EU (Withdrawal) Act.
The Solvency II SI aims to ensure that the UK's Solvency II regime continues to operate effectively once the UK is outside of the EU by recognising that certain changes to UK legislation will be necessary. These are explained in the guidance. The majority of the changes made in the Solvency II SI will not take effect on 29 March 2019 if the UK enters an implementation period.
It is noteworthy that HMT did not publish the Solvency II SI itself. This is probably because legal and policy implications are not easily determined without a detailed assessment of the Solvency II SI, which is a lengthy piece of legislation.