The Insurance and Reinsurance Undertakings (Prudential Requirements) (Risk Margin) Regulations 2023
| Jurisdiction | UK Non-devolved |
| Year | 2023 |
| Citation | SI 2023/1346 |
UNITED KINGDOM STATUTORY INSTRUMENT
2023 No. 1346
Financial Services And Markets
The Insurance and Reinsurance Undertakings (Prudential Requirements) (Risk Margin) Regulations 2023
Made 7th December 2023
Laid before Parliament 8th December 2023
Coming into force 31th December 2023
The Treasury have consulted the Financial Conduct Authority and Prudential Regulation Authority in accordance with section 3(6) of the Financial Services and Markets Act 20231.
The Treasury make the following Regulations in exercise of the powers conferred by sections 3 and 84(2) of the Financial Services and Markets Act 2023.
Citation, commencement and extent
1.—(1) These Regulations may be cited as the Insurance and Reinsurance Undertakings (Prudential Requirements) (Risk Margin) Regulations 2023 and come into force on 31st December 2023.
(2) These Regulations extend to England and Wales, Scotland and Northern Ireland.
Amendment of Commission Delegated Regulation (EU) 2015/35
2.—(1) Commission Delegated Regulation (EU) 2015/35 of 10 October 2014 supplementing Directive 2009/138/ECof the European Parliament and of the Council on the taking-up and pursuit of the business of insurance and reinsurance (Solvency II)2is amended as follows.
(2) In Article 37 (calculation of the risk margin), in paragraph 1—
(a)
(a) for the formula substitute—
“
”;
(b)
(b) after sub-paragraph (d) insert—
“
(e)
(e) “λ” denotes the risk tapering factor, and equals—
(i) 0.9 for life insurance and reinsurance obligations, and
(ii) 1.0 for non-life insurance and reinsurance obligations;
(f)
(f) “
(g)
(g) “
(3) In Article 39 (cost-of-capital rate), for “6%” substitute “4%”.
(4) In Article 312 (deadlines for submitting supervisory reports)—
(a)
(a) omit paragraphs 1(a) and 3;
(b)
(b) in paragraph 2, omit from “, subject to” to the end.
Amendment of the Solvency 2 Regulations 2015
3. In regulation 54 of the Solvency 2 Regulations 20153(transitional measures on technical provisions), in paragraph (9) omit sub-paragraph (b) but not “or” at the end of that sub-paragraph.
Scott Mann
Stuart Anderson
Two of the Lords Commissioners of His Majesty’s Treasury
7th December 2023
EXPLANATORY NOTE
(This note is not part of the Regulations)
These Regulations amend Articles 37 (calculation of the risk margin), 39 (cost-of-capital rate) and 312 (deadlines for submitting supervisory...
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