Clifford Chance

On 22 June 2023, HM Treasury (HMT) released information about its proposed legislative strategy for its Solvency UK reforms. The strategy includes two draft statutory instruments (SIs) that HMT will make using powers under the Financial Services and Markets Bill 2022-23 (FSM Bill) which received Royal Assent today.

The draft SIs have been made available for early engagement, which is a rare opportunity for insurers to provide feedback to HMT on legislative changes. This is a chance to ensure that views are considered before the requirements are finalised, so firms should engage as soon as possible.