This Practice Notice provides an overview of the Solvency II framework (including the Solvency II Directive 2009/138/EC, the Omnibus II Directive 2014/51/EU and related materials). Solvency II deals with the capital, governance and reporting requirements for insurance firms. The Solvency II Directive was adopted by the European Parliament in 2009. Member States were required to transpose it into national law by 31 March 2015 and apply the laws from 1 January 2016. Following the UK’s withdrawal from the EU, this Practice Note also provides an overview of reforms to the UK Solvency II regime.