Solvency UK: the liability valuation package and mobilisation regime for insurers
10 June 2022
In June 2020, the UK Government announced an overhaul of insurance regulation dubbed 'Solvency UK' in a bid to increase flexibility and unlock capital for investment by insurers. Despite a Call for Evidence in October 2020 and a Feedback Statement in July 2021, no further details emerged. This was until a speech to the Association of British Insurers ("ABI") in February 2022 in which the Economic Secretary to the Treasury & City Minister, John Glen, announced the UK's direction of travel towards greater regulatory divergence from the EU in the following areas: the risk margin; the matching adjustment; and more generally, a reduction in reporting and administrative requirements.