This report reviews regulatory updates for life insurance companies in Europe. For May, we note items published by the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA).

Highlights include:

• The PRA delays credit quality steps updates for UK Solvency II
• The FCA publishes consultation paper (CP) 25/12, ‘Simplifying the insurance rules’
• The FCA publishes CP 25/13, ‘Improving the complaints reporting process’
• The PRA publishes a summary of industry roundtable on CP 7/25, ‘Matching adjustment investment accelerator’
• The PRA announces webinar on Life Insurance Stress Test 2025