On 23 January 2015, the Prudential Regulatory Authority (PRA) in the UK published a consultation (CP3/15) on proposed rules regarding (a) transitional measures for risk-free interest rates and technical provisions and (b) treatment of participations, under Solvency II. The transitional measures, which are to apply for 16 years, are anticipated under Solvency II and their purpose is to streamline the move to a new regulatory regime. The consultation paper also contains draft supervisory statements on the PRA’s expectations regarding (a) the calculation and application process for these transitional measures and (b) the internal model treatment of participations in other (re)insurers. Responses are invited by 20 February 2015.