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Solvency UK

Overview

The introduction of Solvency UK aims to enhance flexibility and competitiveness in the insurance sector while maintaining high policyholder protection standards.

Key changes include simplified requirements, dynamic capital adjustments, and increased entry thresholds. The reforms are part of a phased implementation by the PRA.

Whilst Lloyd’s is not a UK insurance company, the PRA Rulebook refers to Lloyd’s specifically (“the association of underwriters known as Lloyd’s”) and requires Lloyd’s to report as if Lloyd’s were a “UK Solvency II” firm.

The PRA rulebook instructs managing agents to provide any information that Lloyd’s needs in order to facilitate this.

Solvency UK adoption

The PRA published the final rules on 15 November 2024.

Lloyd’s has a rule modification from the PRA deferring reporting under Solvency UK for the Society of Lloyd’s and Lloyd’s syndicates until Q4 2025. As part of the deferral, year-end 2024 reporting will need to be resubmitted to the PRA under the Solvency UK requirements in December 2025.

View the Review of Solvency II: Restatement of assimilated law policy statement

Our approach

Lloyd’s will be collecting Solvency UK data from syndicates in line with the PRA Solvency UK taxonomy and in XBRL format.

To facilitate this move, we will be using CoreFiling - our existing Syndicate Accounts portal - to collect Solvency UK data, building on the progress of the QMA rationalisation project.

A Solvency UK market briefing was held on 27 March 2025, during which Lloyd’s plans for adoption were shared with the market.

For those market participants who were unable to join us, you will find a recording of the session as well as a copy of the slides below for your review. 

View the recording Download slides

Managing agents are advised to continue analysing the new reporting requirements and close any data gaps identified. Further updates will be provided by Lloyd’s in due course.

In the meantime, there will be minimal changes to Core Market Returns (CMR) in relation to Solvency UK during 2024. Discussions are ongoing with the PRA as to whether any additional ad-hoc information will be required to be collected separately.

If you have an queries, please contact the team.

reporting.rationalisation@com

Additional resources

Useful resources to support your preparation for Solvency UK adoption:

Market briefing slides Watch the recording

Contact us

If you have any questions please get in touch.

reporting.rationalisation@com