Insurers see finalized Solvency UK regime regime with eased compliance
( July 29, 2026, 13:52 GMT | Official Statement) -- MLex Summary: Insurers have been given finalized amendments to the Solvency UK reporting regime aimed at improving reporting clarity, consistency and data quality while easing compliance burdens. In response to industry feedback, the Prudential Regulation Authority dropped plans for a new reporting template, reduced reporting requirements for third-country insurance branches by requiring one year of projected Financial Services Compensation Scheme liabilities data instead of three, and allowed firms to optionally adopt NACE 2.1 industry classification codes from the end of 2026. The final policy also removes a requirement for insurers to obtain regulatory permission before classifying liabilities as own funds. The changes will come into effect on Dec. 31.Policy statement attached....
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