The Solvency 2 and Insurance (Amendment, etc.) (EU Exit) Regulations 2019

JurisdictionUK Non-devolved
CitationSI 2019/407
Year2019
(1) These Regulations may be cited as the Solvency 2 and Insurance (Amendment, etc.) (EU Exit) Regulations 2019.(2) Subject to paragraph (3) , these Regulations come into force on IP completion day.(3) This regulation and regulations 14 to 16 come into force on the day after the day on which the Securities Financing Transactions, Securitisation and Miscellaneous Amendments (EU Exit) Regulations 2020 are made.(1) The Treasury may by regulations made by statutory instrument make provision in respect of the matters specified in Schedule 1.modify provision made by or under an enactment;make different provision for different purposes;include incidental, supplementary, consequential, transitional, transitory or saving provision.(3) For the purposes of paragraph (2) (a) , “enactment” does not include an enactment comprised in primary legislation.(4) A statutory instrument which contains regulations under paragraph (1) is subject to annulment in pursuance of a resolution of either House of Parliament.
  • The Prudential Regulation Authority (“PRA”) may make technical standards in respect of the matters specified in Schedule 2.
  • which may accordingly be amended or revoked under that section,
  • to which the provisions of Part 9A of the Financial Services and Markets Act 2000 apply as they would to rules made under that section, and
  • which come into force on
  • (1) The Financial Services and Markets Act 2000 is amended as follows.(2) In section 284A (transformer vehicles) (3) In section 316 (direction by a regulator)
  • The Solvency 2 Regulations 2015
  • (1) In Part 1 (citation, commencement and interpretation) , regulation 2 (interpretation) is amended as follows.(2) For paragraph (1) substitute—
    • (1) In these Regulations—
      • capital add-on” means the amount by which the solvency capital requirement of an insurance undertaking or reinsurance undertaking, or a group, is increased by the PRA;
      • college of supervisors” means a permanent but flexible structure for the co-operation, co-ordination and facilitation of decision making concerning the supervision of a group;
      • common management relationship” means a relationship between two or more undertakings which satisfies the following conditions—
        • (a) the undertakings are not connected in the manner described in section 1162 of, and Schedule 7 to, the Companies Act 2006, and
        • (b) either—
          • (i) the undertakings are managed on a unified basis pursuant to a contract with one of them, or provisions in the undertakings' respective memoranda or articles of association, or
          • (ii) the administrative, management or supervisory bodies of those undertakings consist, for the major part, of the same persons in office during the financial year in respect of which it is being decided whether such a relationship exists;
      • F94financial conglomerate” has the meaning given in regulation 1(2) of the Financial Conglomerates and Other Financial Groups Regulations 2004, as amended by the Financial Conglomerates and Other Financial Groups (Amendments etc.) (EU Exit) Regulations 2019;
      • Financial Conglomerates Directive” means Directive 2002/87/EC of the European Parliament and of the Council of 16 December 2002 on the supplementary supervision of credit institutions, insurance undertakings, and investment firms in a financial conglomerate, as it had effect immediately before F83IP completion day;
      • F94FSC” means the Financial Services Commission of Gibraltar;
      • FSMA” means the Financial Services and Markets Act 2000;
      • F94Gibraltarian insurance undertaking” means an undertaking which—
        • ((a) ) has its head office in Gibraltar;
        • ((b) ) is authorised by the FSC to carry on one or more classes of insurance business within the meaning of section 2(1) of the Financial Services (Insurance Companies) Act of Gibraltar; and
        • ((c) ) would require authorisation in accordance with Article 14 of the Solvency 2 Directive if the United Kingdom were a member State;
      • F94Gibraltarian reinsurance undertaking” means an undertaking which—
        • ((a) ) has its head office in Gibraltar;
        • ((b) ) is authorised by the FSC to carry on insurance business limited to reinsurance within the meaning of section 2(1A) of the Financial Services (Insurance Companies) Act of Gibraltar; and
        • ((c) ) would require authorisation in accordance with Article 14 of the Solvency 2 Directive if the United Kingdom were a member State;
      • insurance holding company” means a parent undertaking which is not a mixed financial holding company and the main business of which is to acquire and hold participations in subsidiary undertakings, where those subsidiary undertakings are exclusively or mainly insurance or reinsurance undertakings, F95or Gibraltarian insurance or reinsurance undertakings, or third-country...
    In these Regulations—
    • capital add-on” means the amount by which the solvency capital requirement of an insurance undertaking or reinsurance undertaking, or a group, is increased by the PRA;
    • college of supervisors” means a permanent but flexible structure for the co-operation, co-ordination and facilitation of decision making concerning the supervision of a group;
    • common management relationship” means a relationship between two or more undertakings which satisfies the following conditions—
      • (a) the undertakings are not connected in the manner described in section 1162 of, and Schedule 7 to, the Companies Act 2006, and
      • (b) either—
        • (i) the undertakings are managed on a unified basis pursuant to a contract with one of them, or provisions in the undertakings' respective memoranda or articles of association, or
        • (ii) the administrative, management or supervisory bodies of those undertakings consist, for the major part, of the same persons in office during the financial year in respect of which it is being decided whether such a relationship exists;
    • F94financial conglomerate” has the meaning given in regulation 1(2) of the Financial Conglomerates and Other Financial Groups Regulations 2004, as amended by the Financial Conglomerates and Other Financial Groups (Amendments etc.) (EU Exit) Regulations 2019;
    • Financial Conglomerates Directive” means Directive 2002/87/EC of the European Parliament and of the Council of 16 December 2002 on the supplementary supervision of credit institutions, insurance undertakings, and investment firms in a financial conglomerate, as it had effect immediately before F83IP completion day;
    • F94FSC” means the Financial Services Commission of Gibraltar;
    • FSMA” means the Financial Services and Markets Act 2000;
    • F94Gibraltarian insurance undertaking” means an undertaking which—
      • ((a) ) has its head office in Gibraltar;
      • ((b) ) is authorised by the FSC to carry on one or more classes of insurance business within the meaning of section 2(1) of the Financial Services (Insurance Companies) Act of Gibraltar; and
      • ((c) ) would require authorisation in accordance with Article 14 of the Solvency 2 Directive if the United Kingdom were a member State;
    • F94Gibraltarian reinsurance undertaking” means an undertaking which—
      • ((a) ) has its head office in Gibraltar;
      • ((b) ) is authorised by the FSC to carry on insurance business limited to reinsurance within the meaning of section 2(1A) of the Financial Services (Insurance Companies) Act of Gibraltar; and
      • ((c) ) would require authorisation in accordance with Article 14 of the Solvency 2 Directive if the United Kingdom were a member State;
    • insurance holding company” means a parent undertaking which is not a mixed financial holding company and the main business of which is to acquire and hold participations in subsidiary undertakings, where those subsidiary undertakings are exclusively or mainly insurance or reinsurance undertakings, F95or Gibraltarian insurance or reinsurance undertakings, or third-country...

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