In June 2023, the Prudential Regulation Authority (PRA) published its Consultation Paper 12/23 (CP12/23), covering the first set of proposed reforms to Solvency II in the United Kingdom. The CP forms part of the wider ongoing review of the UK’s insurance regulatory environment, led by the Treasury and government. This paper gives an overview of the key proposed changes in CP12/23, and covers the following topics:

• Risk margin
• Transitional measure on technical provisions
• Internal models
• Capital add-ons
• Third-country branches
• Reporting and disclosures
• Mobilisations
• Other proposed changes