Countdown to solvency UK - internal models under solvency UK : challenges and opportunities

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      <subfield code="a">On 28 and 29 February 2024, the Prudential Regulation Authority (PRA) released two important policy statements PS2/24 and PS3/24  marking a significant step in adapting the Solvency II framework for the UK insurance market. The PRA's new reforms include streamlining and clarifying the approval process for Internal Models (IMs), which insurers can use to calculate their Solvency Capital Requirement (SCR) on a bespoke basis rather than using the standard formula approach. The reforms will come into effect on 31 December 2024. This article explores the key changes, challenges and opportunities arising from this transition</subfield>
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