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.
Regulatory requirements for the European insurance industry
About Solvency II
Find out about Solvency II, including the level 1 framework directive, level two implementing measures and level 3 guidance.
Market tools and resources
Find information relating to the syndicate workstreams, including briefings, guidance and a glossary.
Access the Lloyd's Internal Model Approval Process tool.
Implementation at Lloyd's
Solvency II implementation at Lloyd's.
Find contact details for Lloyd's Solvency II enquiries.
Key legislative issues
Find out more about the key legislative issues which impact Lloyd's relating to Solvency II.
Syndicate workstreams quick links
Sets out the high level plan in respect of the requirements for managing agents’ preparation for Solvency II.
Governance, risk management and use
Focuses on ensuring the Internal Model is adequately controlled and robust processes and governance structures are in place. The primary audience is the risk management function, risk managers, compliance managers and internal audit.
Reporting and disclosure
Focuses on the framework, process and systems that agents need to have in place to meet the relevant requirements. Useful for the finance function.
Technical provisions and standard formula
This workstream will focus on the calculation of Technical Provisions (TPs) and the Standard Formula SCR. The primary audience is the actuarial function and the finance function.
Valuation and balance sheet
Focuses primarily on the valuation of assets and liabilities, excluding technical provisions. The primary audience is the finance function and investment managers.
Documentation and final application
Focuses on ensuring the quality and integrity of the overall LIM application by ensuring that all agents prepare sufficient and appropriate evidence. Useful for programme managers and Senior Nominated Persons.
Previous Solvency II guidance
Access previous Solvency II guidance, including information on Gap Analysis, Implementation Plans and QIS 5.
Other useful links
Internal Model SCR
Internal Model SCR is a dedicated quantitative review of syndicate models and outputs as a key input to the LIM.
Focuses on ensuring syndicate models produce an appropriately calibrated SCR and that models are demonstrably compliant with the relevant tests and standards of the Directive.
Model Change reporting requirements are detailed in the guidance here and MS12 Scope, Change and Use. Templates are also provided for reporting to Lloyd's.