On 6 August 2014, HM Treasury in the UK issued a paper with a view to completing its consultation process regarding appropriate implementation of Solvency II.  The consultation seeks views on two issues, i.e. (a) the use by (re)insurers of the volatility adjustment (a tool to be used to partially offset movements in asset prices) and whether it should be subject to pre-approval by the PRA and (b) the approach to be taken to revocation of authorisations where a (re)insurer fails to meet its Minimum Capital Requirement.  Comments are invited by 20 September 2014.