The PRA has updated its webpage on Solvency II implementation to provide an update on the regulatory approach it will take to non-directive firms as a consequence of the implementation of the Solvency II Directive.
The PRA confirms its approach to non-directive firms (those that fall outside the scope of Solvency II) remains unchanged from the approach outlined by the FSA in October 2011. In the interim, the PRA suggest that the small number of firms that are close to the financial threshold for determining whether Solvency II applies, should continue to maintain regulatory dialogue with their usual supervisory contact. The PRA will consider the regulatory approach when there is greater clarity on the approach for firms within the scope of Solvency II, thus it does not expect to start work in this area until the implementation of Solvency II is more advanced.
View Implementation, 9 December 2013