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The European Union is an economic and political partnership comprised of 27 nations within the Eurozone. The EU was established in 1948 to promote stability and cooperation among member states in the aftermath of... more +
The European Union is an economic and political partnership comprised of 27 nations within the Eurozone. The EU was established in 1948 to promote stability and cooperation among member states in the aftermath of WWII. The EU maintains a common currency as well as several intranational institutions, including the European Parliament and the European Commission. less -
Skadden, Arps, Slate, Meagher & Flom LLP

The Standard Formula: Encyclopaedia of Prudential Solvency – Chapter 3: Prudential Insurance Regulation in Japan

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This chapter discusses prudential insurance regulation in Japan. Japan is the fourth-largest insurance market in the world, with a broad customer base and a varied range of offerings. This profile, coupled with ongoing...more

Skadden, Arps, Slate, Meagher & Flom LLP

The Standard Formula: Encyclopaedia of Prudential Solvency – Chapter 1: The IAIS and the ICS

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Established in 1994, the International Association of Insurance Supervisors (IAIS) is a voluntary membership organisation comprising insurance regulatory authorities, central banks, ministries of finance, and other...more

Skadden, Arps, Slate, Meagher & Flom LLP

The Standard Formula Podcast | The SFCR and Other Public Reporting: A Solvency II Cornerstone

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“The Standard Formula” host Rob Chaplin is joined by Chiara Iorizzo to delve into the crucial, yet complex, public reporting component of Solvency II. This episode explores the Solvency and Financial Condition Report...more

Skadden, Arps, Slate, Meagher & Flom LLP

The Standard Formula: A Guide to Solvency II – Chapter 14: The SFCR and Other Public Reporting

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The SFCR and Other Public Reporting - Introduction - The Solvency II regime, as legislated in the Solvency II Directive and elaborated upon in Chapter XII of the EU Commission Level 2 Delegated Regulation (2015/35), is...more

Skadden, Arps, Slate, Meagher & Flom LLP

The Standard Formula: A Guide to Solvency II – Chapter 13: Supervision

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1. The Supervision Regime - Proportionality - The supervision regime is built on the principle of “proportionality,” in an effort to ensure that supervision remains effective and meets its underlying purposes without...more

Skadden, Arps, Slate, Meagher & Flom LLP

The Standard Formula: A Guide to Solvency II – Chapter 12: Undertakings in Difficulty

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Undertakings in difficulty, in the context of Solvency II, refers to insurers that are either failing or likely to fail to meet their solvency capital requirement (SCR) or their minimum capital requirement (MCR) (together,...more

Skadden, Arps, Slate, Meagher & Flom LLP

The Standard Formula: A Guide to Solvency II – Chapter 11: The Valuation of Assets and Liabilities

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This chapter discusses the valuation of assets and liabilities under Solvency II. Given that strategic asset allocation and investment management are key aspects of an insurer’s business, especially for life insurers, this is...more

Skadden, Arps, Slate, Meagher & Flom LLP

The Standard Formula Podcast | Insurers in Difficulty: Staying Compliant Under Solvency II

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“The Standard Formula’s” Rob Chaplin once again gives listeners a look at how to address some of the intricacies of Solvency II. In this episode, he is joined by Feargal Ryan for a discussion on how insurers should navigate...more

Skadden, Arps, Slate, Meagher & Flom LLP

The Standard Formula: A Guide to Solvency II – Chapter 10: Governance Requirements

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Solvency II is organised around three core pillars of prudential regulation, which ensure the safety and soundness of (re)insurers, in line with the scale, nature and complexity of their business: - Pillar One focuses on...more

Skadden, Arps, Slate, Meagher & Flom LLP

The Standard Formula: A Guide to Solvency II – Chapter 9: Internal Models

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There are two main methods of calculating the solvency capital requirement (SCR) under Solvency II, the “standard formula” and “internal model” methods: (a) The standard formula method, as its name suggests, is the default...more

Skadden, Arps, Slate, Meagher & Flom LLP

The Standard Formula: A Guide to Solvency II – Chapter 8: Capital Requirements

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The Solvency Capital Requirement (SCR) is designed to protect policyholders by helping ensure that insurers can survive difficult periods and pay claims as they fall due. It prescribes a specific level of capital that an...more

Skadden, Arps, Slate, Meagher & Flom LLP

The Standard Formula: A Guide to Solvency II – Chapter 7: Technical Provisions

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“The value of technical provisions should correspond to the amount which another insurance or reinsurance undertaking (the reference undertaking) would be expected to require to take over and fulfil the underlying insurance...more

Skadden, Arps, Slate, Meagher & Flom LLP

The Standard Formula Podcast | Dissecting the Solvency Capital Requirement

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“The Solvency Capital Requirement, or SCR, is designed to protect policyholders by helping to make sure that insurers can survive difficult periods and pay claims as they fall due.” In this episode of "The Standard Formula"...more

Skadden, Arps, Slate, Meagher & Flom LLP

The Standard Formula: A Guide to Solvency II – Chapter 5: The Matching Adjustment

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1. Background to the Matching Adjustment - “Where insurance and reinsurance undertakings hold bonds or other assets with similar cash flow characteristics to maturity, they are not exposed to the risk of changing spreads...more

Skadden, Arps, Slate, Meagher & Flom LLP

The Standard Formula Podcast | Investment Rules for Insurers and Reinsurers

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This episode of “The Standard Formula” podcast features a conversation with the Financial Institutions Group’s Ben Lyon and Verena Mengis, who walk listeners though recent proposals for reform relating to Solvency U.K. and...more

Skadden, Arps, Slate, Meagher & Flom LLP

PRA Announces Final Adjustments to ‘Solvency UK’ Rules and Consults on Requirements for ‘Solvent Exit’ Plans

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As discussed in our previous updates, in June 2020 the UK government announced a wide-ranging review of the Solvency II framework in the UK, aimed at reforming the insurance regulatory framework inherited from the EU given...more

Skadden, Arps, Slate, Meagher & Flom LLP

The Standard Formula: A Guide to Solvency II – Chapter 4: Groups

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Group supervision regulates the impact that members of a Solvency II group may have on a UK Solvency II insurer. The rules governing Solvency II groups are contained in the PRA Rulebook (Group Supervision), the Solvency 2...more

Skadden, Arps, Slate, Meagher & Flom LLP

The Standard Formula Podcast | Understanding the UK’s Matching Adjustment Regime

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“The Standard Formula” host Rob Chaplin is joined in this episode by colleague Theo Charalambous as they map out the intricacies of the U.K.’s matching adjustment regime for insurers, which will soon be reformed. The...more

Skadden, Arps, Slate, Meagher & Flom LLP

The Standard Formula: A Guide to Solvency II – Chapter 3: Cross-Border Services and Overseas Branches

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(Re)insurance is a global business. It is common for (re)insurance groups to operate in a range of jurisdictions via: i. locally incorporated and authorised subsidiaries, ii. local branches of third country...more

Skadden, Arps, Slate, Meagher & Flom LLP

The Standard Formula: A Guide to Solvency II – Chapter 1: Own Funds

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Own funds is the Solvency II term for the items that constitute a (re)insurer’s regulatory capital. These are principally balance sheet items, with limited allowance for off-balance sheet items. Own funds are items that...more

Goodwin

Horizon Scan for Private Investment Funds: Key Recent and Expected Funds, Regulatory, and Tax Developments to Look Out For

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Welcome to the third edition of our Horizon Scan, where we focus on some of the principal recent and expected developments and changes that we expect to be of interest to those in the private funds and investment management...more

A&O Shearman

A Boost for U.K. Financial Services - The U.K. Financial Services and Markets Act 2023

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The U.K.’s newest Financial Services and Markets Act of 2023 (“FSM Act”) received Royal Assent on 29 June 2023. Certain parts came into force on its passing, others will come into effect two months after that, and the...more

Skadden, Arps, Slate, Meagher & Flom LLP

From Solvency II to Solvency UK: The PRA Provides Further Details of Its Post-Brexit Solvency II Reforms

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The EU’s Solvency II regime came into force in the UK on 1 January 2016, following many years of development in which the UK was deeply involved. In June 2020, post-Brexit, the government announced a wide-ranging review of...more

Skadden, Arps, Slate, Meagher & Flom LLP

The UK PRA’s Priorities for Insurance Supervision in 2023

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The UK Prudential Regulation Authority (PRA) laid out its priorities for insurance supervision this year in a 10 January 2023 Priorities Letter. In this newsletter, we summarise the broad themes emerging from the Priorities...more

Latham & Watkins LLP

The “Edinburgh Reforms”: Timetable of Key Changes

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The timetable sets out three tranches of extensive regulatory changes to UK and EU law in 2023 and 2024. The “Edinburgh Reforms”, a series of announcements made on 9 December 2022 by the Chancellor of the Exchequer, set...more

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