Standards for insurers
This page provides the standards that currently apply to licensed insurers. These cover both solvency and 'fit and proper' requirements.
The solvency standards
Solvency standards set out a common method for insurers to measure their risks and ensure they have at least a minimum level of available capital to absorb losses before policyholders are affected.
Solvency standards are issued under Section 55 of the Insurance (Prudential Supervision) Act 2010 (IPSA). One or more of the standards may apply to a licensed insurer under the licensed insurer's conditions of licence.
We are currently reviewing solvency standards for insurers. For more information please refer to our Review of Solvency Standards page.
The fit and proper standard
The fit and proper standard is made under Section 36 of the Insurance (Prudential Supervision) Act 2010 (IPSA) and sets out the requirements for a fit and proper policy required under Sections 34–35 of the IPSA.
The purpose of the policy is to ensure the board members and senior managers of an insurer have both the competence ('fitness') and integrity ('properness') to carry out their functions.
The standard applies to all licensed insurers, and the requirement for a licensed insurer to comply with this standard is continuous.
| Title | Issue date | Start date | End date |
|---|---|---|---|
| Legal instruments | |||
| Fit and Proper Standard (PDF, 121KB) | June 2011 | ||
| Interim Solvency Standard Amendment Standard 2024 (PDF, 533KB) | 5 December 2024 | 1 March 2025 | |
| Interim Solvency Standard Amendment Standard 2023 (PDF 247 KB) | 6 June 2023 | 1 August 2023 | |
| Interim Solvency Standard 2023 (PDF 2MB) | 20 September 2022 | 1 January 2023 | |
| Consolidated standards | |||
| Interim Solvency Standard 2023 (as amended) (PDF, 1,121KB) | 5 December 2024 | 1 March 2025 |
|
| Interim Solvency Standard 2023 (as amended) (PDF 1.779 KB) | 6 June 2023 | 1 August 2023 | 28 February 2025 |
| Guidance | |||
| Guide to the Interim Solvency Standard (PDF, 850KB) | 5 December 2024 | 1 March 2025 |
| Title | Issue date | Start date | End date |
|---|---|---|---|
| Solvency Standard for Life Insurance Business 2014 (incorporating amendments to November 2018) (PDF 822 KB) | 17 December 2014 Amended 23 November 2018 |
1 January 2015 | 5 December 2024 |
| Solvency Standard for Non-life Insurance Business 2014 (incorporating amendments to November 2018) (PDF 846 KB) | 17 December 2014 Amended 23 November 2018 |
1 January 2015 | 5 December 2024 |
| Solvency Standard for Captive Insurers Transacting Non-life Insurance Business 2014 (PDF 249 KB) | 17 December 2014 | 1 January 2015 | 5 December 2024 |
| Solvency Standard for Non-life Insurance Business in Run-off 2014 (PDF 247 KB) | 17 December 2014 | 1 January 2015 | 5 December2024 |
| Solvency Standard for Variable Annuity Business 2015 (PDF 292 KB) | 10 April 2015 | 10 April 2015 | 5 December 2024 |