Policy impacts: regulation. Throughout 2020, we have been working with members to engage with regulators on key areas of concern for the sector, including: ABI Annual Conference, February 2020 Prudential regulation: Securing the inclusion of the ABIs priority issues within HM Treasurys review of Solvency II, as well as securing pan-European industry support for key ABI positions in the EUs 2020 Solvency II review G uiding the PRAs response to Covid-19, including securing key extensions and a flexible approach on issues such as dividend payments, and reassurance on the approach to the matching adjustment during the Covid-19 pandemic F acilitating engagement and dialogue, on behalf of members, with the PRA on supervisory issues, to ensure member views are reflected on issues such as taxation of RT1 debt instruments and the Prudent Person Principle, and on the Bank of Englands data collection review F acilitating industry representation and dialogue on climate change through the Climate Financial Risk Forum guide, inputting to the UK Committee on Climate Changes third Climate Change Risk Assessment evidence report, and hosting senior roundtables E nsuring an appropriate and transparent process for the identification of UK insurers as Internationally Active Insurance Groups, and helping secure a two-month delay to confidential reporting of the global Insurance Capital Standard because of Covid-19 operational constraints. Covid-19 has, of course, dominated the year, and required close engagement with the PRA to inform and influence its response. But with the highquality input from members, we have also managed to make progress on a range of other policy areas most notably, framing the UK review of Solvency II to focus on our priority areas for reform Laurence Townley, director of financial risk, DLG, and chair, ABI Prudential Regulation Committee Financial reporting: Securing key wins for the sector on IFRS 17, including a further delay in mandatory application, technical amendments, and legislative change to release mutuals from the obligation to apply IFRS 17 This years amendments to IFRS 17 insurance contracts, to delay its application and bring technical improvements, reflects sustained ABI member input and brings a much better basis for UK insurer reporting in the future Hugh Francis, director of external reporting developments, Aviva, and chair, ABI Financial Reporting Committee Supporting the new UK Endorsement Board in preparing for a robust post-Brexit UK IFRS 17 evaluation and adoption process, and holding a technical seminar with representatives of the board and other leading experts. Taxation: No further increases to IPT levels for a fourth year, after ABI campaigning, and persuading HMRC to reduce the data burden and reporting requirements Representing industry views in discussions with HMRC and HM Treasury to secure administrative easements for firms across a range of measures Leading the response to OECD proposals on digital taxation in the UK and overseas, and securing key exemptions for the sector.