About Solvency II

> What is Solvency II?

Solvency II is an EU legislative programme to be implemented in all 27 Member States, including the UK. It introduces a new, harmonised EU-wide insurance regulatory regime. The legislation replaces 13 existing EU insurance directives.

> Level 1 Framework Directive

A high-level summary of the Solvency II Framework Directive

> Level 2 Implementing Measures

Solvency II implementing measures are detailed requirements that will apply to insurers. Much of Solvency II's impact on insurers - including Lloyd's managing agents - will be a consequence of the implementing measures rather than the Solvency II Directive.

> Level 3 Guidance

EIOPA is tasked to issue supervisory standards, recommendations and guidelines to enhance convergent and effective application of regulations

> Key concepts

Implementing Solvency II requires understanding of several concepts relating to governance, risk management and capital setting. Lloyd’s current understanding of these concepts is set out below. Also provided are comparisons to current processes under ICAS as points of reference.

> Solvency I

Solvency I is the name given to changes to the EU's insurer solvency regime made in 2002

Tools

> Tutorial

Solvency II Online Tutorial

 Want to learn more about Solvency II? Access our interactive online Solvency II tutorial.

> Glossary

Solvency II Glossary Our Solvency II glossary simplifies some of the key terms relating to Solvency II.

Useful Links

Lloyd’s Market Association
European Commission
Association of British Insurers
Insurance Europe
PRA
EIOPA