Asked by: Kirsty Blackman (Scottish National Party - Aberdeen North)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, when he plans to publish formal proposals arising from the Solvency II Review; and if he will make a statement on the timetable for implementation of those proposals.
Answered by John Glen - Paymaster General and Minister for the Cabinet Office
The Government published a Call for Evidence for its Review of Solvency II in October 2020. The Government published a Response to its Call for Evidence on 1 July 2021. This Response set out the next steps including a consultation in early 2022.
The matching adjustment was identified in the Call for Evidence as an area for review. As noted in the Response to the Call for Evidence, “respondents also raised a variety of other eligibility-related points, for example that the eligibility of liabilities for the matching adjustment could be expanded”. The Government is considering the range of views received on this topic.