In June, the Prudential Regulation Authority (PRA) published its much-awaited Policy Statement 10/24 (PS10/24), covering the second set of proposed reforms to Solvency II in the United Kingdom. PS10/24 concludes the wider ongoing review of the UK’s insurance regulatory environment initiated by the government. Our paper summarises PS10/24 and includes several areas of numerical and graphical analyses which illustrate some of the key impacts and effects arising from the changes being made.