Reg. 24(1)(2) restricted (27.11.2020) by S.I. 2019/407, reg. 13(2) (as inserted by The Securities Financing Transactions, Securitisation and Miscellaneous Amendments (EU Exit) Regulations 2020 (S.I. 2020/1385), regs. 1(2), 54(5))
Reg. 25 restricted (27.11.2020) by S.I. 2019/407, reg. 13(2) (as inserted by The Securities Financing Transactions, Securitisation and Miscellaneous Amendments (EU Exit) Regulations 2020 (S.I. 2020/1385), regs. 1(2), 54(5))
Reg. 28(2) restricted (27.11.2020) by S.I. 2019/407, reg. 13(2) (as inserted by The Securities Financing Transactions, Securitisation and Miscellaneous Amendments (EU Exit) Regulations 2020 (S.I. 2020/1385), regs. 1(2), 54(5))
Reg. 36A inserted (31.12.2020) by The Solvency 2 and Insurance (Amendment, etc.) (EU Exit) Regulations 2019 (S.I. 2019/407), regs. 1(2), 9(22) (as amended by S.I. 2020/1385, regs. 1(2), 54(2))
Words in reg. 10 substituted (31.12.2020) by The Solvency 2 and Insurance (Amendment, etc.) (EU Exit) Regulations 2019 (S.I. 2019/407), regs. 1(2), 9(3)(a) (as amended by S.I. 2020/1385, regs. 1(2), 54(2))
Words in reg. 10 Table 1 inserted (31.12.2020) by The Solvency 2 and Insurance (Amendment, etc.) (EU Exit) Regulations 2019 (S.I. 2019/407), regs. 1(2), 9(3)(b)(ii)(aa) (as amended by S.I. 2020/1385, regs. 1(2), 54(2))
Words in reg. 10 Table 1 inserted (31.12.2020) by The Solvency 2 and Insurance (Amendment, etc.) (EU Exit) Regulations 2019 (S.I. 2019/407), regs. 1(2), 9(3)(b)(ii)(bb) (as amended by S.I. 2020/1385, regs. 1(2), 54(2))
Word in reg. 10 Table 1 substituted (31.12.2020) by The Solvency 2 and Insurance (Amendment, etc.) (EU Exit) Regulations 2019 (S.I. 2019/407), regs. 1(2), 9(3)(b)(iii) (as amended by S.I. 2020/1385, regs. 1(2), 54(2))
Reg. 11(2) substituted (31.12.2020) by The Solvency 2 and Insurance (Amendment, etc.) (EU Exit) Regulations 2019 (S.I. 2019/407), regs. 1(2), 9(4)(a) (as amended by S.I. 2020/1385, regs. 1(2), 54(2))
Words in reg. 11(3) substituted (31.12.2020) by The Solvency 2 and Insurance (Amendment, etc.) (EU Exit) Regulations 2019 (S.I. 2019/407), regs. 1(2), 9(4)(b) (as amended by S.I. 2020/1385, regs. 1(2), 54(2))
Reg. 11(4) substituted (31.12.2020) by The Solvency 2 and Insurance (Amendment, etc.) (EU Exit) Regulations 2019 (S.I. 2019/407), regs. 1(2), 9(4)(c) (as amended by S.I. 2020/1385, regs. 1(2), 54(2))
Reg. 12 omitted (31.12.2020) by virtue of S.I. 2019/407, reg. 9(5) (as substituted by The Gibraltar (Miscellaneous Amendments) (EU Exit) Regulations 2019 (S.I. 2019/680), regs. 1(3), 10(4)(d) (with reg. 11) (as amended by S.I. 2020/1301, regs. 1, 3, Sch. para. 40(f)); 2020 c. 1, Sch. 5 para. 1(1))
Reg. 13 substituted (31.12.2020) by S.I. 2019/407, reg. 9(5A) (as inserted by The Gibraltar (Miscellaneous Amendments) (EU Exit) Regulations 2019 (S.I. 2019/680), regs. 1(3), 10(4)(e) (with reg. 11) (as amended by S.I. 2020/1301, regs. 1, 3, Sch. para. 40(f)); 2020 c. 1, Sch. 5 para. 1(1))
Reg. 14 substituted (31.12.2020) by S.I. 2019/407, reg. 9(5B) (as inserted by The Gibraltar (Miscellaneous Amendments) (EU Exit) Regulations 2019 (S.I. 2019/680), regs. 1(3), 10(4)(e) (with reg. 11) (as amended by S.I. 2020/1301, regs. 1, 3, Sch. para. 40(e)(ii)(bb), Sch. para. 40(f)); 2020 c. 1, Sch. 5 para. 1(1))
Reg. 15 substituted (31.12.2020) by The Solvency 2 and Insurance (Amendment, etc.) (EU Exit) Regulations 2019 (S.I. 2019/407), regs. 1(2), 9(6) (as amended by S.I. 2020/1385, regs. 1(2), 54(2) and S.I. 2019/680, regs. 1(3), 10(4)(f) (with reg. 11))
Words in reg. 16(1) substituted (31.12.2020) by S.I. 2019/407, reg. 9(7)(a) (as substituted by The Gibraltar (Miscellaneous Amendments) (EU Exit) Regulations 2019 (S.I. 2019/680), regs. 1(3), 10(4)(g) (with reg. 11) (as amended by S.I. 2020/1301, regs. 1, 3, Sch. para. 40(f)); 2020 c. 1, Sch. 5 para. 1(1))
Words in reg. 16(2) substituted (31.12.2020) by S.I. 2019/407, reg. 9(7)(b)(i) (as substituted by The Gibraltar (Miscellaneous Amendments) (EU Exit) Regulations 2019 (S.I. 2019/680), regs. 1(3), 10(4)(g) (with reg. 11) (as amended by S.I. 2020/1301, regs. 1, 3, Sch. para. 40(f)); 2020 c. 1, Sch. 5 para. 1(1))
Reg. 16(2)(b) omitted (31.12.2020) by virtue of S.I. 2019/407, reg. 9(7)(b)(ii) (as substituted by The Gibraltar (Miscellaneous Amendments) (EU Exit) Regulations 2019 (S.I. 2019/680), regs. 1(3), 10(4)(g) (with reg. 11) (as amended by S.I. 2020/1301, regs. 1, 3, Sch. para. 40(f)); 2020 c. 1, Sch. 5 para. 1(1))
Reg. 17(4)(5) inserted (31.12.2020) by The Solvency 2 and Insurance (Amendment, etc.) (EU Exit) Regulations 2019 (S.I. 2019/407), regs. 1(2), 9(8)(c) (as amended by S.I. 2020/1385, regs. 1(2), 54(2) and S.I. 2019/680, regs. 1(3), 10(4)(h)(ii) (with reg. 11) (as amended by S.I. 2020/1301, regs. 1, 3, Sch. para. 40(f)))
Words in reg. 17(2)(b)(ii) substituted (31.12.2020) by The Solvency 2 and Insurance (Amendment, etc.) (EU Exit) Regulations 2019 (S.I. 2019/407), regs. 1(2), 9(8)(a) (as amended by S.I. 2020/1385, regs. 1(2), 54(2)); as amended by The Gibraltar (Miscellaneous Amendments) (EU Exit) Regulations 2019 (S.I. 2019/680), regs. 1(3), 10(4)(h)(i) (with reg. 11)
Words in reg. 17(2)(b)(iii) substituted (31.12.2020) by The Solvency 2 and Insurance (Amendment, etc.) (EU Exit) Regulations 2019 (S.I. 2019/407), regs. 1(2), 9(8)(a) (as amended by S.I. 2020/1385, regs. 1(2), 54(2)); as amended by The Gibraltar (Miscellaneous Amendments) (EU Exit) Regulations 2019 (S.I. 2019/680), regs. 1(3), 10(4)(h)(i) (with reg. 11)
Words in reg. 17(3) omitted (31.12.2020) by virtue of The Solvency 2 and Insurance (Amendment, etc.) (EU Exit) Regulations 2019 (S.I. 2019/407), regs. 1(2), 9(8)(b) (as amended by S.I. 2020/1385, regs. 1(2), 54(2)); as amended by The Gibraltar (Miscellaneous Amendments) (EU Exit) Regulations 2019 (S.I. 2019/680), regs. 1(3), 10(4)(h)(i) (with reg. 11)
Words in reg. 18(1)(b) inserted (31.12.2020) by S.I. 2019/407, reg. 9(9)(a)(i) (as substituted by The Gibraltar (Miscellaneous Amendments) (EU Exit) Regulations 2019 (S.I. 2019/680), regs. 1(3), 10(4)(i) (with reg. 11) (as amended by S.I. 2020/1301, regs. 1, 3, Sch. para. 40(f)); 2020 c. 1, Sch. 5 para. 1(1))
Words in reg. 18(1)(e) substituted (31.12.2020) by S.I. 2019/407, reg. 9(9)(a)(ii) (as substituted by The Gibraltar (Miscellaneous Amendments) (EU Exit) Regulations 2019 (S.I. 2019/680), regs. 1(3), 10(4)(i) (with reg. 11) (as amended by S.I. 2020/1301, regs. 1, 3, Sch. para. 40(f)); 2020 c. 1, Sch. 5 para. 1(1))
Word in reg. 18(2)(a) substituted (31.12.2020) by S.I. 2019/407, reg. 9(9)(b) (as substituted by The Gibraltar (Miscellaneous Amendments) (EU Exit) Regulations 2019 (S.I. 2019/680), regs. 1(3), 10(4)(i) (with reg. 11) (as amended by S.I. 2020/1301, regs. 1, 3, Sch. para. 40(f)); 2020 c. 1, Sch. 5 para. 1(1))
Reg. 19(2A) inserted (31.12.2020) by The Solvency 2 and Insurance (Amendment, etc.) (EU Exit) Regulations 2019 (S.I. 2019/407), regs. 1(2), 9(10)(c) (as amended by S.I. 2020/1385, regs. 1(2), 54(2) and S.I. 2020/1301, regs. 1, 3, Sch. para. 27(c)(i))
Reg. 19(5) inserted (31.12.2020) by The Solvency 2 and Insurance (Amendment, etc.) (EU Exit) Regulations 2019 (S.I. 2019/407), regs. 1(2), 9(10)(f) (as amended by S.I. 2020/1385, regs. 1(2), 54(2))
Word in reg. 19(1)(b) substituted (31.12.2020) by S.I. 2019/407, reg. 9(10)(a)(i) (as substituted by The Gibraltar (Miscellaneous Amendments) (EU Exit) Regulations 2019 (S.I. 2019/680), regs. 1(3), 10(4)(j)(i) (with reg. 11) (as amended by S.I. 2020/1301, regs. 1, 3, Sch. para. 40(f)); 2020 c. 1, Sch. 5 para. 1(1))
Word in reg. 19(1)(b) substituted (31.12.2020) by S.I. 2019/407, reg. 9(10)(a)(ii) (as substituted by The Gibraltar (Miscellaneous Amendments) (EU Exit) Regulations 2019 (S.I. 2019/680), regs. 1(3), 10(4)(j)(i) (with reg. 11) (as amended by S.I. 2020/1301, regs. 1, 3, Sch. para. 40(f)); 2020 c. 1, Sch. 5 para. 1(1))
Words in reg. 19(1)(c) inserted (31.12.2020) by The Solvency 2 and Insurance (Amendment, etc.) (EU Exit) Regulations 2019 (S.I. 2019/407), regs. 1(2), 9(10)(b) (as amended by S.I. 2020/1385, regs. 1(2), 54(2))
Reg. 19(3) substituted (31.12.2020) by The Solvency 2 and Insurance (Amendment, etc.) (EU Exit) Regulations 2019 (S.I. 2019/407), regs. 1(2), 9(10)(d) (as amended by S.I. 2020/1385, regs. 1(2), 54(2); S.I. 2020/1301, regs. 1, 3, Sch. para. 27(c)(ii) and S.I. 2019/680, regs. 1(3), 10(4)(j)(ii) (with reg. 11))
Reg. 19(4)(a) omitted (31.12.2020) by virtue of The Solvency 2 and Insurance (Amendment, etc.) (EU Exit) Regulations 2019 (S.I. 2019/407), regs. 1(2), 9(10)(e)(i) (as amended by S.I. 2020/1385, regs. 1(2), 54(2))
Words in reg. 19(4)(b) substituted (31.12.2020) by The Solvency 2 and Insurance (Amendment, etc.) (EU Exit) Regulations 2019 (S.I. 2019/407), regs. 1(2), 9(10)(e)(ii) (as amended by S.I. 2020/1385, regs. 1(2), 54(2))
Words in reg. 19(4)(c) inserted (31.12.2020) by The Solvency 2 and Insurance (Amendment, etc.) (EU Exit) Regulations 2019 (S.I. 2019/407), regs. 1(2), 9(10)(e)(iii) (as amended by S.I. 2020/1385, regs. 1(2), 54(2))
Words in reg. 20(1) omitted (31.12.2020) by virtue of The Solvency 2 and Insurance (Amendment, etc.) (EU Exit) Regulations 2019 (S.I. 2019/407), regs. 1(2), 9(11)(a)(i) (as amended by S.I. 2020/1385, regs. 1(2), 54(2))
Words in reg. 20(1)(b) omitted (31.12.2020) by virtue of The Solvency 2 and Insurance (Amendment, etc.) (EU Exit) Regulations 2019 (S.I. 2019/407), regs. 1(2), 9(11)(a)(ii)(bb) (as amended by S.I. 2020/1385, regs. 1(2), 54(2))
Words in reg. 20(3) omitted (31.12.2020) by virtue of The Solvency 2 and Insurance (Amendment, etc.) (EU Exit) Regulations 2019 (S.I. 2019/407), regs. 1(2), 9(11)(b) (as amended by S.I. 2020/1385, regs. 1(2), 54(2))
Words in reg. 20(4) omitted (31.12.2020) by virtue of The Solvency 2 and Insurance (Amendment, etc.) (EU Exit) Regulations 2019 (S.I. 2019/407), regs. 1(2), 9(11)(c) (as amended by S.I. 2020/1385, regs. 1(2), 54(2))
Words in reg. 20(1)(b) substituted (31.12.2020) by S.I. 2019/407, reg. 9(11)(a)(ii)(aa) (as substituted by The Gibraltar (Miscellaneous Amendments) (EU Exit) Regulations 2019 (S.I. 2019/680), regs. 1(3), 10(4)(l)(i) (with reg. 11) (as amended by S.I. 2020/1301, regs. 1, 3, Sch. para. 40(f)); 2020 c. 1, Sch. 5 para. 1(1))
Words in reg. 20(5) substituted (31.12.2020) by S.I. 2019/407, reg. 9(11)(d) (as substituted by The Gibraltar (Miscellaneous Amendments) (EU Exit) Regulations 2019 (S.I. 2019/680), regs. 1(3), 10(4)(l)(ii) (with reg. 11) (as amended by S.I. 2020/1301, regs. 1, 3, Sch. para. 40(f)); 2020 c. 1, Sch. 5 para. 1(1))
Reg. 21 omitted (31.12.2020) by virtue of The Solvency 2 and Insurance (Amendment, etc.) (EU Exit) Regulations 2019 (S.I. 2019/407), regs. 1(2), 9(12) (as amended by S.I. 2020/1385, regs. 1(2), 54(2))
Reg. 22 omitted (31.12.2020) by virtue of The Solvency 2 and Insurance (Amendment, etc.) (EU Exit) Regulations 2019 (S.I. 2019/407), regs. 1(2), 9(12) (as amended by S.I. 2020/1385, regs. 1(2), 54(2))
Reg. 23 omitted (31.12.2020) by virtue of The Solvency 2 and Insurance (Amendment, etc.) (EU Exit) Regulations 2019 (S.I. 2019/407), regs. 1(2), 9(12) (as amended by S.I. 2020/1385, regs. 1(2), 54(2))
Words in reg. 24(1) substituted (31.12.2020) by The Solvency 2 and Insurance (Amendment, etc.) (EU Exit) Regulations 2019 (S.I. 2019/407), regs. 1(2), 9(13)(a) (as amended by S.I. 2020/1385, regs. 1(2), 54(2))
Reg. 24(1A) inserted by S.I. 2019/407, reg. 9(13)(aa) (as inserted) by The Gibraltar (Miscellaneous Amendments) (EU Exit) Regulations 2019 (S.I. 2019/680), regs. 1(3), 10(4)(m)(i) (with reg. 11) (as amended by S.I. 2020/1301, regs. 1, 3, Sch. para. 40(f)); 2020 c. 1, Sch. 5 para. 1(1))
Words in reg. 24(2) substituted (31.12.2020) by S.I. 2019/407, reg. 9(13)(b) (as substituted by The Gibraltar (Miscellaneous Amendments) (EU Exit) Regulations 2019 (S.I. 2019/680), regs. 1(3), 10(4)(m)(ii) (with reg. 11) (as amended by S.I. 2020/1301, regs. 1, 3, Sch. para. 40(f)); 2020 c. 1, Sch. 5 para. 1(1))
Words in reg. 24(3) substituted (31.12.2020) by S.I. 2019/407, reg. 9(13)(c)(i) (as substituted by The Gibraltar (Miscellaneous Amendments) (EU Exit) Regulations 2019 (S.I. 2019/680), regs. 1(3), 10(4)(m)(iii) (with reg. 11) (as amended by S.I. 2020/1301, regs. 1, 3, Sch. para. 40(f)); 2020 c. 1, Sch. 5 para. 1(1))
Words in reg. 24(3) substituted (31.12.2020) by S.I. 2019/407, reg. 9(13)(c)(ii) (as substituted by The Gibraltar (Miscellaneous Amendments) (EU Exit) Regulations 2019 (S.I. 2019/680), regs. 1(3), 10(4)(m)(iii) (with reg. 11) (as amended by S.I. 2020/1301, regs. 1, 3, Sch. para. 40(f)); 2020 c. 1, Sch. 5 para. 1(1))
Reg. 26 substituted (31.12.2020) by The Solvency 2 and Insurance (Amendment, etc.) (EU Exit) Regulations 2019 (S.I. 2019/407), regs. 1(2), 9(15) (as amended by S.I. 2020/1385, regs. 1(2), 54(2) and S.I. 2019/680, regs. 1(3),10(4)(n) (with reg. 11) (as amended by S.I. 2020/1301, regs. 1, 3, Sch. para. 40(f))); 2020 c. 1, Sch. 5 para. 1(1);
Reg. 27 omitted (31.12.2020) by virtue of The Solvency 2 and Insurance (Amendment, etc.) (EU Exit) Regulations 2019 (S.I. 2019/407), regs. 1(2), 9(16) (as amended by S.I. 2020/1385, regs. 1(2), 54(2))
Words in reg. 28 title omitted (31.12.2020) by virtue of The Solvency 2 and Insurance (Amendment, etc.) (EU Exit) Regulations 2019 (S.I. 2019/407), regs. 1(2), 9(17)(a) (as amended by S.I. 2020/1385, regs. 1(2), 54(2))
Words in reg. 28(1) substituted (31.12.2020) by The Solvency 2 and Insurance (Amendment, etc.) (EU Exit) Regulations 2019 (S.I. 2019/407), regs. 1(2), 9(17)(b)(ii) (as amended by S.I. 2020/1385, regs. 1(2), 54(2))
Words in reg. 28(1) omitted (31.12.2020) by virtue of The Solvency 2 and Insurance (Amendment, etc.) (EU Exit) Regulations 2019 (S.I. 2019/407), regs. 1(2), 9(17)(b)(iii) (as amended by S.I. 2020/1385, regs. 1(2), 54(2))
Reg. 28(2)(a) omitted (31.12.2020) by virtue of The Solvency 2 and Insurance (Amendment, etc.) (EU Exit) Regulations 2019 (S.I. 2019/407), regs. 1(2), 9(17)(c)(i) (as amended by S.I. 2020/1385, regs. 1(2), 54(2))
Words in reg. 28(2)(c) omitted (31.12.2020) by virtue of The Solvency 2 and Insurance (Amendment, etc.) (EU Exit) Regulations 2019 (S.I. 2019/407), regs. 1(2), 9(17)(c)(ii) (as amended by S.I. 2020/1385, regs. 1(2), 54(2))
Words in reg. 28(2)(e) substituted (31.12.2020) by The Solvency 2 and Insurance (Amendment, etc.) (EU Exit) Regulations 2019 (S.I. 2019/407), regs. 1(2), 9(17)(c)(iii) (as amended by S.I. 2020/1385, regs. 1(2), 54(2))
Reg. 28(2)(f) omitted (31.12.2020) by virtue of The Solvency 2 and Insurance (Amendment, etc.) (EU Exit) Regulations 2019 (S.I. 2019/407), regs. 1(2), 9(17)(c)(iv) (as amended by S.I. 2020/1385, regs. 1(2), 54(2))
Words in reg. 28(2)(g) substituted (31.12.2020) by The Solvency 2 and Insurance (Amendment, etc.) (EU Exit) Regulations 2019 (S.I. 2019/407), regs. 1(2), 9(17)(c)(v) (as amended by S.I. 2020/1385, regs. 1(2), 54(2))
Reg. 28(2)(h) omitted (31.12.2020) by virtue of The Solvency 2 and Insurance (Amendment, etc.) (EU Exit) Regulations 2019 (S.I. 2019/407), regs. 1(2), 9(17)(c)(vi) (as amended by S.I. 2020/1385, regs. 1(2), 54(2))
Words in reg. 28(2)(i) inserted (31.12.2020) by The Solvency 2 and Insurance (Amendment, etc.) (EU Exit) Regulations 2019 (S.I. 2019/407), regs. 1(2), 9(17)(c)(vii) (as amended by S.I. 2020/1385, regs. 1(2), 54(2))
Reg. 29 omitted (31.12.2020) by virtue of The Solvency 2 and Insurance (Amendment, etc.) (EU Exit) Regulations 2019 (S.I. 2019/407), regs. 1(2), 9(18) (as amended by S.I. 2020/1385, regs. 1(2), 54(2))
Reg. 30 omitted (31.12.2020) by virtue of The Solvency 2 and Insurance (Amendment, etc.) (EU Exit) Regulations 2019 (S.I. 2019/407), regs. 1(2), 9(18) (as amended by S.I. 2020/1385, regs. 1(2), 54(2))
Reg. 31 omitted (31.12.2020) by virtue of The Solvency 2 and Insurance (Amendment, etc.) (EU Exit) Regulations 2019 (S.I. 2019/407), regs. 1(2), 9(18) (as amended by S.I. 2020/1385, regs. 1(2), 54(2))
Reg. 32 omitted (31.12.2020) by virtue of The Solvency 2 and Insurance (Amendment, etc.) (EU Exit) Regulations 2019 (S.I. 2019/407), regs. 1(2), 9(18) (as amended by S.I. 2020/1385, regs. 1(2), 54(2))
Reg. 33 omitted (31.12.2020) by virtue of The Solvency 2 and Insurance (Amendment, etc.) (EU Exit) Regulations 2019 (S.I. 2019/407), regs. 1(2), 9(18) (as amended by S.I. 2020/1385, regs. 1(2), 54(2))
Reg. 34 omitted (31.12.2020) by virtue of The Solvency 2 and Insurance (Amendment, etc.) (EU Exit) Regulations 2019 (S.I. 2019/407), regs. 1(2), 9(18) (as amended by S.I. 2020/1385, regs. 1(2), 54(2))
Reg. 35 substituted (31.12.2020) by The Solvency 2 and Insurance (Amendment, etc.) (EU Exit) Regulations 2019 (S.I. 2019/407), regs. 1(2), 9(19) (as amended by S.I. 2020/1385, regs. 1(2), 54(2) and S.I. 2020/1301, regs. 1, 3, Sch. para. 27(c)(iii))
Reg. 36 substituted (31.12.2020) by The Solvency 2 and Insurance (Amendment, etc.) (EU Exit) Regulations 2019 (S.I. 2019/407), regs. 1(2), 9(21) (as amended by S.I. 2020/1385, regs. 1(2), 54(2) and S.I. 2020/1301, regs. 1, 3, Sch. para. 27(c)(iv))
Reg. 37(3) inserted (31.12.2020) by The Solvency 2 and Insurance (Amendment, etc.) (EU Exit) Regulations 2019 (S.I. 2019/407), regs. 1(2), 9(23) (as amended by S.I. 2020/1385, regs. 1(2), 54(2))
Words in reg. 10 Table 1 substituted (31.12.2020) by S.I. 2019/407, reg. 9(3)(b)(i)(aa) (as substituted by The Gibraltar (Miscellaneous Amendments) (EU Exit) Regulations 2019 (S.I. 2019/680), regs. 1(3), 10(4)(c)(i) (with reg. 11) (as amended by S.I. 2020/1301, regs. 1, 3, Sch. para. 40(f)); 2020 c. 1, Sch. 5 para. 1(1))
Words in reg. 10 Table 1 substituted (31.12.2020) by S.I. 2019/407, reg. 9(3)(b)(i)(bb) (as substituted by The Gibraltar (Miscellaneous Amendments) (EU Exit) Regulations 2019 (S.I. 2019/680), regs. 1(3), 10(4)(c)(i) (with reg. 11) (as amended by S.I. 2020/1301, regs. 1, 3, Sch. para. 40(f)); 2020 c. 1, Sch. 5 para. 1(1))
Words in reg. 10 Table 1 inserted (31.12.2020) by S.I. 2019/407, reg. 9(3)(b)(i)(cc) (as substituted by The Gibraltar (Miscellaneous Amendments) (EU Exit) Regulations 2019 (S.I. 2019/680), regs. 1(3), 10(4)(c)(i) (with reg. 11) (as amended by S.I. 2020/1301, regs. 1, 3, Sch. para. 40(f)); 2020 c. 1, Sch. 5 para. 1(1))
Words in reg. 10 Table 1 substituted (31.12.2020) by S.I. 2019/407, reg. 9(3)(c) (as substituted by The Gibraltar (Miscellaneous Amendments) (EU Exit) Regulations 2019 (S.I. 2019/680), regs. 1(3), 10(4)(c)(ii) (with reg. 11) (as amended by S.I. 2020/1301, regs. 1, 3, Sch. para. 40(f)); 2020 c. 1, Sch. 5 para. 1(1))
Words in reg. 10 Table 1 inserted (31.12.2020) by S.I. 2019/407, reg. 9(3)(c) (as substituted by The Gibraltar (Miscellaneous Amendments) (EU Exit) Regulations 2019 (S.I. 2019/680), regs. 1(3), 10(4)(c)(ii) (with reg. 11) (as amended by S.I. 2020/1301, regs. 1, 3, Sch. para. 40(e)(ii)(aa)(f)); 2020 c. 1, Sch. 5 para. 1(1))
Reg. 19A inserted by S.I. 2019/407, reg. 9(10A) (as inserted) by The Gibraltar (Miscellaneous Amendments) (EU Exit) Regulations 2019 (S.I. 2019/680), regs. 1(3), 10(4)(k) (with reg. 11) (as amended by S.I. 2020/1301, regs. 1, 3, Sch. para. 40(f)); 2020 c. 1, Sch. 5 para. 1(1))
Reg. 11(5) omitted (1.1.2022) by virtue of The Financial Services Act 2021 (Prudential Regulation of Credit Institutions and Investment Firms) (Consequential Amendments and Miscellaneous Provisions) Regulations 2021 (S.I. 2021/1376), regs. 1(3), 20
Words in reg. 24(1) substituted (24.1.2022) by The Solvency 2 (Group Supervision) (Amendment) Regulations 2021 (S.I. 2021/1408), regs. 1, 2(2)(a)
Reg. 25 substituted (24.1.2022) by The Solvency 2 (Group Supervision) (Amendment) Regulations 2021 (S.I. 2021/1408), regs. 1, 2(3)
Reg. 26(3) inserted (24.1.2022) by The Solvency 2 (Group Supervision) (Amendment) Regulations 2021 (S.I. 2021/1408), regs. 1, 2(4)(b)
Words in reg. 26(1) substituted (24.1.2022) by The Solvency 2 (Group Supervision) (Amendment) Regulations 2021 (S.I. 2021/1408), regs. 1, 2(4)(a)
Words in reg. 28(1) substituted (24.1.2022) by The Solvency 2 (Group Supervision) (Amendment) Regulations 2021 (S.I. 2021/1408), regs. 1, 2(5)(a)
Where the PRA is the group supervisor
Levels at which supervision need not be exercised | Conditions to be satisfied | |
---|---|---|
The participating undertaking, insurance holding company and mixed financial holding company. | The group contains an insurance undertaking or reinsurance undertaking and either— | |
(a) the parent undertaking of the | ||
(b) the | ||
The participating undertaking, insurance holding company or mixed financial holding company referred to above is, or is a related undertaking of, a regulated entity or mixed financial holding company subject to supplementary supervision | ||
The PRA has consulted the | ||
The ultimate | The parent undertaking of an ultimate |
This regulation applies where the PRA is the group supervisor of a group which includes a mixed financial holding company.
Where the mixed financial holding company is subject to equivalent provisions under the United Kingdom law which implemented the Solvency 2 Directive and the United Kingdom law which implemented the Financial Conglomerates Directive, the PRA may apply only the relevant provisions of the United Kingdom law which implemented the Financial Conglomerates Directive to the mixed financial holding company.
Before exercising its discretion under paragraph (2), the PRA must consult the
Where the mixed financial holding company is subject to equivalent provisions under the United Kingdom law which implemented the following two sets of legislation—
the Solvency 2 Directive, and
the capital requirements directive and the capital requirements regulation,
the PRA may apply only the United Kingdom law relating to the most significant sector, as determined in accordance with the United Kingdom law which implemented Article 3(2) of the Financial Conglomerates Directive.
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The PRA may supervise an ultimate UK solvency 2 parent at group level in the United Kingdom where—
the ultimate UK solvency 2 parent has its head office in Gibraltar; and
the PRA is not the group supervisor.
The PRA must follow the procedure set out in this regulation when supervising an ultimate UK solvency 2 parent under regulation 13(1).
Before deciding to exercise supervision, the PRA must consult the FSC and the ultimate UK solvency 2 parent.
If the PRA decides to exercise supervision, the PRA must explain its decision to both the FSC and the ultimate UK solvency 2 parent.
The PRA must recognise and apply any permission granted pursuant to the laws of Gibraltar which were relied on immediately before IP completion day to implement Article 231 or 233(5) of the Solvency 2 Directive, as those laws are amended from time to time, to the ultimate UK solvency 2 parent to calculate the group solvency capital requirement for insurance undertakings, reinsurance undertakings, Gibraltarian insurance undertakings and Gibraltarian reinsurance undertakings in the group on the basis of an internal model.
Subject to paragraph (2), where the PRA is the group supervisor of a type of group referred to in regulation 9A(a) or (b), the PRA must—
ensure that the calculations referred to in rules 4.1 and 4.2 of the Group Supervision part of the PRA Rulebook are carried out at least annually to ensure that the group has adequate financial resources at the level of the ultimate UK solvency 2 parent,
conduct supervisory reviews to determine whether the insurance undertakings or reinsurance undertakings in the group are complying with the requirement to ensure that the group has adequate financial resources at the level of the ultimate UK solvency 2 parent, and
where the group is not headed by an insurance undertaking or reinsurance undertaking, Gibraltarian insurance undertaking or Gibraltarian reinsurance undertaking, consult the undertakings in the group before identifying an undertaking other than an insurance holding company or a mixed financial holding company to supply relevant data for, and the results of, the calculations referred to in paragraph (1)(a).
Subject to paragraph (3), where the PRA is required to rely on supervision exercised by a supervisory authority in a third country which has a prudential group supervision regime which is determined as equivalent in accordance with regulation 35, the PRA may determine that paragraph (1)—
does not apply, or
applies with only such modifications as may be specified in the determination.
The PRA may not give a determination under paragraph (2) unless it is satisfied that—
compliance by insurance or reinsurance undertakings in the group with rules or requirements imposed by the PRA pursuant to paragraph (1) would be unduly burdensome; and
the determination would not adversely affect the advancement of any of the PRA's objectives.
The PRA may revoke or vary a determination given under paragraph (2).
Where the PRA is the group supervisor of a group, the PRA must consult the group
Where the PRA is not the group supervisor, the PRA must apply the method chosen by the group supervisor for the ultimate
group supervision at a national level in accordance with regulation 13(1); and
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In this regulation, “
The PRA must determine the proportional share which must be taken into account in the calculation of group solvency where—
the PRA is the group supervisor of a group; and
any of the following applies—
there are no capital ties between any of the undertakings in a group;
Before determining the proportional share, the PRA must consult the undertakings in the group
The PRA may allow for the solvency deficit of the subsidiary undertaking to be considered on a proportional basis where, in the opinion of the PRA, the responsibility of the parent undertaking owning a share of the capital is strictly limited to that share of the capital.
This paragraph applies if—
the FSC is concerned in the supervision of the group; or
the group contains a Gibraltarian insurance undertaking or a Gibraltarian reinsurance undertaking.
This regulation applies where—
the PRA is the group supervisor of a group;
the group contains at least three insurance undertakings, reinsurance undertakings
A and B are related undertakings;
A and C are related undertakings; and
either B or C has its head office in
Except where paragraph (3) applies, the PRA must permit the group, in the calculation of group solvency, to take into account national laws which—
are adopted by
apply to B or C (as the case may be).
This paragraph applies where—
there is a significant change to the national laws referred to in paragraph (2); and
it is not in the interests of the group's policyholders to take into account the national laws referred to in paragraph (2).
This regulation applies where—
the PRA is the group supervisor of a group;
the group contains an insurance undertaking
the third country in which the third-country insurance undertaking or third country reinsurance undertaking has its head office makes it subject to authorisation and imposes on it a solvency regime at least equivalent to that specified in
The PRA must permit the group to take into account national laws adopted by the third country in respect of the group's solvency capital requirement and the own funds eligible to satisfy the solvency capital requirement in the calculation of the group's solvency unless—
there has been a significant change to those national laws; and
it is not in the interests of the group's policyholders to do so.
Where the Treasury have made regulations under Article 379A of the Solvency 2 Regulation, or the Commission have adopted a delegated act under Article 227 of the Solvency 2 Directive prior to IP completion day, determining that the supervisory regime of a third country is provisionally equivalent, that third country is deemed to be equivalent for the purposes of paragraph (2).
Where no regulations have been made by the Treasury pursuant to Article 379A of the Solvency 2 Regulation, and the Commission has not adopted a delegated act under Article 227 of the Solvency 2 directive prior to IP completion day, the PRA—
may on its own initiative, or
must on the request of the insurance or reinsurance undertaking or Gibraltarian insurance or reinsurance undertaking for which the calculation of the group solvency includes a third-country insurance undertaking or third-country reinsurance undertaking,
verify whether a solvency regime in the third country is at least equivalent to the United Kingdom law which implemented Chapter 6 of Title 1, of the Solvency 2 Directive.
The PRA must—
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take the decision in accordance with the criteria set out in
ensure that its decision does not contradict any previous decision on the equivalence of the third country, except where it is necessary to take into account significant changes to the supervisory regime laid down in
The PRA must publish and keep up to date on its website a list of all third countries referred to in paragraph (3).
This regulation applies where—
the PRA is the group supervisor of a group;
the group contains—
a Gibraltarian insurance undertaking,
a Gibraltarian reinsurance undertaking, or
an insurance undertaking or a reinsurance undertaking for which the calculation of the group solvency includes an undertaking in paragraph (i) or (ii).
The PRA must permit the group to take into account laws adopted by Gibraltar in respect of the group's solvency capital requirement and the own funds eligible to satisfy the solvency capital requirement in the calculation of the group's solvency.
Where group solvency is determined in accordance with method 1, the PRA must pay particular attention to
a specific risk existing at group level would not be sufficiently covered by the standard formula or the internal model used because it is difficult to quantify; or
a capital add-on to the solvency capital requirement of the related insurance undertaking or reinsurance undertakings is imposed by the
Where group solvency is determined in accordance with method 2, the PRA must, when it determines whether the aggregated group solvency capital requirement appropriately reflects the risk profile of the group, pay particular attention to any specific risks existing at group level which would not be sufficiently covered because they are difficult to quantify.
Where
impose a capital add-on to the solvency capital requirement of the insurance undertaking or reinsurance undertaking;
in exceptional circumstances where a capital add-on would not be appropriate, require the insurance undertaking or reinsurance undertaking to calculate its solvency capital requirement on the basis of the standard formula; or
where the PRA has exercised its discretion under sub-paragraph (b) to require an insurance undertaking or reinsurance undertaking to calculate its solvency capital requirement on the basis of the standard formula, impose a capital add-on to the solvency capital requirement.
Where the PRA—
imposes a capital add-on on an insurance undertaking or reinsurance undertaking; or
requires the insurance undertaking or reinsurance undertaking concerned to calculate its solvency capital requirement on the basis of the standard formula,
the PRA must explain its decision to the relevant insurance undertaking or reinsurance undertaking
the calculation of the group solvency capital requirement;
the calculation of the solvency capital requirement of an insurance undertaking and reinsurance undertaking in the group;
the calculation of the aggregated group solvency capital requirement.
Where the PRA has imposed a capital add-on, it must review the capital add-on at least once a year.
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identify the type of risks and intra-group transactions which insurance undertakings and reinsurance undertakings in the group must report to the PRA in all circumstances, taking into account the specific group and risk management structure of the group;
impose appropriate thresholds based on solvency capital requirements, or technical provisions, in order to identify which significant risk concentrations and significant intra-group transactions should be reported;
identify the insurance undertaking or reinsurance undertaking in the group responsible for submitting the information required under rules implementing Articles 244 and 245 of the Solvency 2 Directive where the group is not headed by an insurance undertaking or a reinsurance undertaking;
review the risk concentrations of the group and intra-group transactions at group level, and in particular monitor the possible risk of contagion within the group, the risk of a conflict of interests and the level or volume of risks.
For the purposes of paragraph (1), references to insurance undertakings and reinsurance undertakings include a reference to Gibraltarian insurance undertakings and Gibraltarian reinsurance undertakings.
The PRA must consult the group
Where the
Where the PRA is required to rely on supervision exercised by a supervisory authority in a third country which has a prudential group supervision regime determined as equivalent in accordance with regulation 35, the PRA may determine that paragraph (1)—
does not apply; or
applies with only such modifications as may be specified in the determination.
The PRA may not give a determination under paragraph (4) unless it is satisfied that—
compliance by insurance or reinsurance undertakings in the group with rules or requirements imposed by the PRA pursuant to paragraph (1) would be unduly burdensome; and
the determination would not adversely affect the advancement of any of the PRA’s objectives.
The PRA may revoke or vary a determination given under paragraph (4).
Subject to paragraph (2), where the PRA is the group supervisor of a type of group referred to in regulation 9A(a) or (b) the PRA must—
review the systems and reporting procedures implemented by the group in accordance with rules implementing paragraphs 1 and 2 of Article 246 of the Solvency 2 Directive;
review the own-risk and solvency assessment conducted at group level by the group in accordance with rules implementing paragraph 4 of Article 246 of the Solvency 2 Directive.
Where the PRA is required to rely on supervision exercised by a supervisory authority in a third country which has a prudential group supervision regime determined as equivalent in accordance with regulation 35, the PRA may determine that paragraph (1)—
does not apply; or
applies with only such modifications as may be specified in the determination.
The PRA may not give a determination under paragraph (2) unless it is satisfied that—
compliance by insurance or reinsurance undertakings in the group with rules or requirements imposed by the PRA pursuant to paragraph (1) would be unduly burdensome; and
the determination would not adversely affect the advancement of any of the PRA’s objectives.
The PRA may revoke or vary a determination given under paragraph (2).
The FSC is the group supervisor and must supervise that group where the group includes a Gibraltarian insurance undertaking or a Gibraltarian reinsurance undertaking and—
the FSC was designated as the group supervisor under Article 247 of the Solvency 2 Directive before IP completion day; or
the PRA and the FSC have agreed that the FSC is to be the group supervisor.
Nothing in this regulation requires the PRA to conduct group supervision in respect of requirements which do not apply, as may be determined by the PRA under regulation 15, 24, 25 or 28.
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The PRA must—
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conduct supervisory reviews and assessments of the financial situation of the group;
assess the group's compliance with the rules on solvency, risk concentration and intra-group transactions
assess the group's system of governance in accordance with regulation 25;
assess whether the members of the administrative, management or supervisory body of the participating undertakings in the group
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carry out the other tasks, measures and decisions assigned to the group supervisor by the
Where the PRA is required to rely on supervision exercised by a supervisory authority in a third country which has a prudential group supervision regime determined as equivalent in accordance with regulation 35, the PRA may determine that paragraph (2)—
does not apply; or
applies with only such modifications as may be specified in the determination.
The PRA may not give a determination under paragraph (3) unless it is satisfied that —
compliance by insurance or reinsurance undertakings in the group with rules or requirements imposed by the PRA pursuant to paragraph (2) would be unduly burdensome; and
the determination would not adversely affect the advancement of any of the PRA’s objectives.
The PRA may revoke or vary a determination given under paragraph (3).
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The PRA must rely on the equivalent group supervision exercised by third country supervisory authorities, where the condition in paragraph (2) is met, or the alternative condition in paragraph (3) is met.
The condition is that—
either of the following determinations have been made—
the Treasury have made regulations under regulation 380A(1) of the Solvency 2 Regulation, or the Commission has adopted a delegated act under Article 260(3) of the Solvency 2 Directive prior to IP completion day, determining that the prudential regime of the third country is equivalent, or
the Treasury have made regulations under regulation 380A(4) of the Solvency 2 Regulation, or the Commission has adopted a delegated act under Article 260(5) of the Solvency 2 Directive prior to IP completion day, determining that the prudential regime of the third country is temporarily equivalent,
that determination still applies,
there is no insurance undertaking or reinsurance undertaking situated in the United Kingdom with a balance sheet total that exceeds the balance sheet total of the parent undertaking situated in the third country, and
the PRA has verified that the that the group is subject to supervision by a third-country supervisory authority in accordance with that equivalent or temporarily equivalent regime.
The alternative condition is that the PRA has verified that the group is subject to supervision by a third country supervisory authority which is equivalent in accordance with paragraph (4).
Where the conditions referred to in paragraph (2) do not apply, the PRA—
must take a decision on equivalence at the request of the parent undertaking or the insurance undertaking or reinsurance undertaking; or
may take a decision on equivalence on its own initiative,
in accordance with paragraph (5).
Where the PRA takes a decision on equivalence, the PRA must—
verify equivalence at the level of the ultimate non-UK solvency 2 parent,
ensure that its decision on equivalence does not contradict any previous decision taken in relation to the third country, except where it is necessary to do so in order to take into account significant changes to the supervisory regime laid down in Part 3 of these Regulations and the PRA Rulebook on Group Supervision or to the supervisory regime in the third country, and
take its decision on equivalence in accordance with the criteria set out in Regulation 380 of the Solvency 2 Regulation.
Paragraph (7) applies where the PRA is required to rely on supervision exercised by a supervisory authority in a third country which, in accordance with paragraph (2) or (3), has a prudential group supervision regime which is determined as equivalent to Part 3 of these Regulations and the PRA Rulebook on Group Supervision (but see paragraph (8)).
The PRA must consult the other members of the college of supervisors before taking a decision which is of importance to the supervisory tasks of another supervisory authority with regard to—
changes in the shareholder, organisational or management structure of insurance undertakings or reinsurance undertakings in the group, which require the approval or authorisation of the other supervisory authority,
a decision on the extension of the recovery period under rule 3.1(3) of the Undertakings in Difficulty part, and rule 4.4 of the Group Supervision part, of the PRA Rulebook, or
the imposition of a capital add-on, a limitation on the use of an internal model for calculating the solvency capital requirement, or any other major sanctions or exceptional measures taken by the other supervisory authority.
Paragraph (7) does not apply—
in cases of urgency, or
where consultation may jeopardise the effectiveness of a decision of the PRA,
provided the PRA informs the other supervisory authorities concerned without delay.
The PRA must also consult a supervisory authority before taking a decision based on information received from that supervisory authority.
This regulation applies where—
a parent undertaking of an insurance undertaking or reinsurance undertaking established in the United Kingdom has its head office in a third country,
one of the conditions in paragraph (2) is satisfied, and
one of the conditions in paragraph (3) is satisfied.
The conditions are—
the prudential group supervision regime of the third country has not been determined to be equivalent by the Treasury or the PRA, and the Commission has not adopted a delegated act under Article 260(3) of the Solvency 2 Directive prior to IP completion day, determining that the prudential regime of the third county is equivalent to Title 3 of the Solvency 2 Directive;
the prudential group supervision regime has been determined to be equivalent by the Treasury, the PRA or the Commission, but the PRA has not verified that the group is subject to supervision by a third-country supervisory authority in accordance with that equivalent regime.
The conditions are—
the prudential group supervision regime of the third country has not been determined to be temporarily equivalent;
if the prudential group supervision regime of the third country has been determined to be temporarily equivalent, the group is not subject to that regime or the group contains an insurance undertaking or reinsurance undertaking in the United Kingdom with a balance sheet total that exceeds the balance sheet total of the parent undertaking situated in the third country.
The PRA must, at the level of the ultimate non-UK solvency 2 parent—
ensure appropriate supervision of the insurance undertakings and reinsurance undertakings that are authorised by the PRA in the group, and
ensure the objectives of group supervision are achieved.
The PRA may require the group to establish an insurance holding company or mixed financial holding company with its head office in the United Kingdom.
Where the parent undertaking of an insurance undertaking or reinsurance undertaking with its head office outside the United Kingdom is itself a subsidiary of—
an insurance holding company or a mixed financial holding company which has its head office in a third country, or
a third-country insurance or reinsurance undertaking,
regulation 35 only applies at the level of the ultimate parent undertaking which is a third-country insurance holding company, a third-country mixed financial holding company, a third-country insurance undertaking or a third- country reinsurance undertaking.
The PRA may, in the absence of equivalent supervision referred to in regulation 35, carry out a new verification of equivalence at a lower level where a parent undertaking of insurance or reinsurance undertakings exists, whether at the level of a third-country insurance holding company, a third country mixed financial holding company, a third-country insurance undertaking or a third-country reinsurance undertaking.
Where paragraph (2) applies, regulation 35 applies with any necessary changes at that lower level.
Where paragraph (2) applies, the PRA must explain its decision to the group to which the insurance undertaking or reinsurance undertaking belongs.
This regulation applies where—
the parent undertaking of one or more insurance undertakings or reinsurance undertakings in the group is a mixed-activity insurance holding company; and
the PRA supervises one or more of the insurance undertakings or reinsurance undertakings in the group.
The PRA must exercise general supervision over transactions between—
the mixed-activity holding company and its related undertakings; and
the insurance undertakings or reinsurance undertakings supervised by the PRA.
The requirements in regulation 24 apply to the transactions specified in paragraph (2).