On 20 March 2015, the Prudential Regulation Authority (PRA) published its final rules and supervisory statements setting out how Solvency II will be implemented (Policy Statement PS2/15) in the UK; including feedback on significant implementation issues raised during consultation. The PRA also published a number of other updates on Solvency II this month. On 20 March 2015 it published (a) a consultation (CP11/15) on a draft supervisory statement in relation to supervisory approval for the volatility adjustment (responses are invited by 20 April 2015) and (b) a new webpage providing information on applying for Solvency II waivers and approvals. On 13 March 2015, the PRA issued a letter to directors of insurers with updates on Solvency II preparation and implementation. On March 18 2015, a document on internal model validation approaches (highlighting the role of the Board and the differences between model justification and validation) was published. Additionally, the PRA updated its webpage setting out its expectations on use of versions of the Solvency II preparatory taxonomy for regulatory reporting. On 9 March 2015, the PRA published an industry letter clarifying its expectations in relation to the matching adjustment and internal models. According to the letter, methodologies adopted by some firms are unlikely to meet the tests/standards for model approval. On 28 March 2015, following conclusion of the pre-application process for the matching adjustment, the PRA issued a letter containing feedback to be taken into account in making (from 1 April 2015) a formal application.