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. 28(3)-(8) 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)(d) (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

Reg. 24(4)-(6) inserted (24.1.2022) by The Solvency 2 (Group Supervision) (Amendment) Regulations 2021 (S.I. 2021/1408), regs. 1, 2(2)(b)

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)

Reg. 28(3)-(5) inserted (24.1.2022) by The Solvency 2 (Group Supervision) (Amendment) Regulations 2021 (S.I. 2021/1408), regs. 1, 2(5)(b)

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)

http://www.legislation.gov.uk/uksi/2015/575/part/3The Solvency 2 Regulations 2015texttext/xmlenStatute Law DatabaseFINANCIAL SERVICES AND MARKETS2024-07-11Expert Participation2024-06-30The Regulations implement in part Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 on the taking-up and pursuit of the business of insurance and reinsurance (Solvency II) (OJ L335, 17.12.2009, p.1) (the “Solvency 2 Directive”). The remainder of the Solvency 2 Directive is implemented by the Financial Services and Markets Act 2000 (c. 8) (“FSMA”), rules and individually binding requirement imposed by the Prudential Regulation Authority (“PRA”) and the Financial Conduct Authority (“FCA”) under FSMA and a directly applicable regulation made by the European Commission.PART 3GroupsCHAPTER 1Cases of application and scope10Risk concentration and intra-group transactions

Where the PRA is the group supervisor of a type of group referred to in regulation 9A(a) or (b), the PRA may decide not to supervise risk concentration or intra-group transactions within the group at a level specified in the first column of Table 1 where all the conditions specified in relation to that level in the second column of Table 1 are satisfied.

Table 1

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 insurance undertaking, Gibraltarian insurance undertaking, reinsurance undertaking or Gibraltarian reinsurance undertaking is an insurance holding company or a mixed financial holding company which has its head office in the United Kingdom or Gibraltar; or

(b) the insurance undertaking, Gibraltarian insurance undertaking, reinsurance undertaking or Gibraltarian reinsurance undertaking is a participating undertaking in at least one insurance undertaking, reinsurance undertaking, Gibraltarian insurance undertaking, Gibraltarian reinsurance undertaking, third-country insurance undertaking or third-country reinsurance undertaking;

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 by the FCA, where the FCA is the supplementary supervisor, or the PRA in accordance with the United Kingdom law which implemented Article 5(2) of the Financial Conglomerates Directive.

The PRA has consulted the FCA.

The ultimate UK solvency 2 parent.

The parent undertaking of an ultimate UK solvency 2 parent is subject to supplementary supervision in accordance with the law of the United Kingdom or of Gibraltar which was relied on by the United Kingdom or Gibraltar respectively immediately before IP completion day to implement Article 5(2) of the Financial Conglomerates Directive.

11Equivalent provisions1

This regulation applies where the PRA is the group supervisor of a group which includes a mixed financial holding company.

2

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.

3

Before exercising its discretion under paragraph (2), the PRA must consult the FCA, where there is a firm in the group that is authorised and regulated by the FCA.

4

Where the mixed financial holding company is subject to equivalent provisions under the United Kingdom law which implemented the following two sets of legislation—

a

the Solvency 2 Directive, and

b

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.

5

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

12Exclusion of undertaking from group supervision

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

CHAPTER 2Levels13Supervision of parents and subgroups at national level: substantive powers

The PRA may supervise an ultimate UK solvency 2 parent at group level in the United Kingdom where—

a

the ultimate UK solvency 2 parent has its head office in Gibraltar; and

b

the PRA is not the group supervisor.

14Supervision of parents and subgroups at national level: procedure1

The PRA must follow the procedure set out in this regulation when supervising an ultimate UK solvency 2 parent under regulation 13(1).

2

Before deciding to exercise supervision, the PRA must consult the FSC and the ultimate UK solvency 2 parent.

3

If the PRA decides to exercise supervision, the PRA must explain its decision to both the FSC and the ultimate UK solvency 2 parent.

4

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.

CHAPTER 3Group Solvency15Supervision of group solvency and frequency of calculation1

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—

a

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,

b

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

c

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).

2

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)—

a

does not apply, or

b

applies with only such modifications as may be specified in the determination.

3

The PRA may not give a determination under paragraph (2) unless it is satisfied that—

a

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

b

the determination would not adversely affect the advancement of any of the PRA's objectives.

4

The PRA may revoke or vary a determination given under paragraph (2).

16Choice of method1

Where the PRA is the group supervisor of a group, the PRA must consult the group and the FSC, if the FSC is concerned in the supervision of the group before requiring the group to use method 2, or a combination of method 1 and method 2, for the calculation of solvency at a group level.

2

Where the PRA is not the group supervisor, the PRA must apply the method chosen by the group supervisor for the ultimate UK solvency 2 parent in relation to—

a

group supervision at a national level in accordance with regulation 13(1); and

b

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

17Inclusion of proportional share1

In this regulation, “proportional share” means the proportional share held by a participating undertaking in its related undertakings.

2

The PRA must determine the proportional share which must be taken into account in the calculation of group solvency where—

a

the PRA is the group supervisor of a group; and

b

any of the following applies—

i

there are no capital ties between any of the undertakings in a group;

ii

the PRA (or, if paragraph (5) applies, the FSC) has determined that the direct or indirect holding of voting rights or capital in an undertaking qualifies as a participation because the holding means that a significant influence is effectively exercised over that undertaking;

iii

the PRA (or, if paragraph (5) applies, the FSC) has determined that an undertaking is a parent undertaking because the undertaking effectively exercises a dominant influence over the other undertaking.

3

Before determining the proportional share, the PRA must consult the undertakings in the group and, if paragraph (5) applies, the FSC.

4

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.

5

This paragraph applies if—

a

the FSC is concerned in the supervision of the group; or

b

the group contains a Gibraltarian insurance undertaking or a Gibraltarian reinsurance undertaking.

18Related undertakings: calculation of group solvency1

This regulation applies where—

a

the PRA is the group supervisor of a group;

b

the group contains at least three insurance undertakings, reinsurance undertakings Gibraltarian insurance undertakings, Gibraltarian reinsurance undertakings, insurance holding companies or mixed financial holding companies (“A”, “B” and “C”);

c

A and B are related undertakings;

d

A and C are related undertakings; and

e

either B or C has its head office in Gibraltar.

2

Except where paragraph (3) applies, the PRA must permit the group, in the calculation of group solvency, to take into account national laws which—

a

are adopted by Gibraltar to implement the solvency capital requirement and the requirements relating to the own funds eligible to satisfy the solvency capital requirement; and

b

apply to B or C (as the case may be).

3

This paragraph applies where—

a

there is a significant change to the national laws referred to in paragraph (2); and

b

it is not in the interests of the group's policyholders to take into account the national laws referred to in paragraph (2).

19Participating undertakings: calculation of group solvency1

This regulation applies where—

a

the PRA is the group supervisor of a group;

b

the group contains an insurance undertaking , reinsurance undertaking, Gibraltarian insurance undertaking or Gibraltarian reinsurance undertakingfor which the calculation of the group solvency includes a third-country insurance undertaking or third-country reinsurance undertaking; and

c

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 United Kingdom law which implemented Chapter 6 of Title 1 of the Solvency 2 Directive.

2

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—

a

there has been a significant change to those national laws; and

b

it is not in the interests of the group's policyholders to do so.

2A

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).

3

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—

a

may on its own initiative, or

b

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.

4

The PRA must—

a

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

b

take the decision in accordance with the criteria set out in Article 379 of the Solvency 2 Regulation; and

c

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 United Kingdom law which implemented Chapter 6 of Title 1 to the Solvency 2 Directive or to the solvency regime of the third country.

5

The PRA must publish and keep up to date on its website a list of all third countries referred to in paragraph (3).

19AGibraltar undertakings: calculation of group solvency1

This regulation applies where—

a

the PRA is the group supervisor of a group;

b

the group contains—

i

a Gibraltarian insurance undertaking,

ii

a Gibraltarian reinsurance undertaking, or

iii

an insurance undertaking or a reinsurance undertaking for which the calculation of the group solvency includes an undertaking in paragraph (i) or (ii).

2

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.

20Internal models and capital add-ons1

Where group solvency is determined in accordance with method 1, the PRA must pay particular attention to ... where—

a

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

b

a capital add-on to the solvency capital requirement of the related insurance undertaking or reinsurance undertakings is imposed by the PRA or, where there is a Gibraltarian insurance undertaking or a Gibraltarian reinsurance undertaking, the FSC....

2

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.

3

Where ... the PRA considers that the risk profile of an insurance undertaking or reinsurance undertaking belonging to a group deviates significantly from the assumptions underlying the internal model approved at group level, the PRA may—

a

impose a capital add-on to the solvency capital requirement of the insurance undertaking or reinsurance undertaking;

b

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

c

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.

4

Where the PRA—

a

imposes a capital add-on on an insurance undertaking or reinsurance undertaking; or

b

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 ....

5

Where the FSC is the group supervisor, the PRA must adopt and apply the following decisions by the group supervisor on the basis of an internal model—

a

the calculation of the group solvency capital requirement;

b

the calculation of the solvency capital requirement of an insurance undertaking and reinsurance undertaking in the group;

c

the calculation of the aggregated group solvency capital requirement.

6

Where the PRA has imposed a capital add-on, it must review the capital add-on at least once a year.

21Subsidiaries: solvency capital requirement

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

22Subsidiaries: non-compliance with the solvency and minimum capital requirements

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

23Subsidiaries: revocation of approval for applying Articles 238 and 239 of the Solvency 2 Directive

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

CHAPTER 4Risk concentration and intra-group transactions24Supervision of risk concentration and intra-group transactions1

Subject to paragraph (4), where the PRA is the group supervisor of a type of group referred to in regulation 9A(a) or (b), the PRA must—

a

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;

b

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;

c

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;

d

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.

1A

For the purposes of paragraph (1), references to insurance undertakings and reinsurance undertakings include a reference to Gibraltarian insurance undertakings and Gibraltarian reinsurance undertakings.

2

The PRA must consult the group and, where the FSC is concerned in the supervision of the group, the FSC whilst carrying out the activities referred to in sub-paragraphs (a) to (c) of paragraph 24.

3

Where the FSC is the group supervisor and the the FSC consults the PRA in relation to the supervision of risk concentration at group level or the reporting of intra-group transactions, the PRA must take into account the specific group and risk management structure of the group when giving its opinion about the type of risks to be reported.

4

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)—

a

does not apply; or

b

applies with only such modifications as may be specified in the determination.

5

The PRA may not give a determination under paragraph (4) unless it is satisfied that—

a

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

b

the determination would not adversely affect the advancement of any of the PRA’s objectives.

6

The PRA may revoke or vary a determination given under paragraph (4).

CHAPTER 5Risk management and internal control25Supervision of system of governance1

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—

a

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;

b

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.

2

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)—

a

does not apply; or

b

applies with only such modifications as may be specified in the determination.

3

The PRA may not give a determination under paragraph (2) unless it is satisfied that—

a

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

b

the determination would not adversely affect the advancement of any of the PRA’s objectives.

4

The PRA may revoke or vary a determination given under paragraph (2).

CHAPTER 6Measures to facilitate group supervision26Rule for deciding the group supervisor1

Subject to paragraphs (2) and (3), where an insurance undertaking or reinsurance undertaking that is authorised by the PRA under Part 4A of FSMA is part of a group, the PRA is the group supervisor and must supervise that group.

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—

a

the FSC was designated as the group supervisor under Article 247 of the Solvency 2 Directive before IP completion day; or

b

the PRA and the FSC have agreed that the FSC is to be the group supervisor.

3

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.

27Exceptions to the rule for deciding the group supervisor

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

28Duties of group supervisor ...1

Subject to paragraph (3), paragraph (2) applies where the PRA is the group supervisor of a type of group referred to in regulation 9A(a) or (b) , ....

2

The PRA must—

a

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

b

conduct supervisory reviews and assessments of the financial situation of the group;

c

assess the group's compliance with the rules on solvency, risk concentration and intra-group transactions ...;

d

assess the group's system of governance in accordance with regulation 25;

e

assess whether the members of the administrative, management or supervisory body of the participating undertakings in the group are fit and proper to carry out their functions;

f

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

g

determine applications for an internal model at group level as set out in regulation 49;

h

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

i

carry out the other tasks, measures and decisions assigned to the group supervisor by the United Kingdom law which implemented the Solvency 2 Directive.

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 determined as equivalent in accordance with regulation 35, the PRA may determine that paragraph (2)—

a

does not apply; or

b

applies with only such modifications as may be specified in the determination.

4

The PRA may not give a determination under paragraph (3) unless it is satisfied that —

a

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

b

the determination would not adversely affect the advancement of any of the PRA’s objectives.

5

The PRA may revoke or vary a determination given under paragraph (3).

3

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

4

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

5

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

6

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

7

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

8

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

29Cooperation and exchange of information between supervisory authorities

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

30Consultation between supervisory authorities

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

31Access to information

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

32Verification of information

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

33Group solvency and financial condition report

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

34Enforcement measures

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

CHAPTER 7Third countries35Non-EEA solvency 2 parent undertakings: equivalence1

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.

2

The condition is that—

a

either of the following determinations have been made—

i

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

ii

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,

b

that determination still applies,

c

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

d

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.

3

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).

4

Where the conditions referred to in paragraph (2) do not apply, the PRA—

a

must take a decision on equivalence at the request of the parent undertaking or the insurance undertaking or reinsurance undertaking; or

b

may take a decision on equivalence on its own initiative,

in accordance with paragraph (5).

5

Where the PRA takes a decision on equivalence, the PRA must—

a

verify equivalence at the level of the ultimate non-UK solvency 2 parent,

b

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

c

take its decision on equivalence in accordance with the criteria set out in Regulation 380 of the Solvency 2 Regulation.

6

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)).

7

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—

a

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,

b

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

c

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.

8

Paragraph (7) does not apply—

a

in cases of urgency, or

b

where consultation may jeopardise the effectiveness of a decision of the PRA,

provided the PRA informs the other supervisory authorities concerned without delay.

9

The PRA must also consult a supervisory authority before taking a decision based on information received from that supervisory authority.

36Parent undertaking outside the United Kingdom: absence of equivalence1

This regulation applies where—

a

a parent undertaking of an insurance undertaking or reinsurance undertaking established in the United Kingdom has its head office in a third country,

b

one of the conditions in paragraph (2) is satisfied, and

c

one of the conditions in paragraph (3) is satisfied.

2

The conditions are—

a

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;

b

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.

3

The conditions are—

a

the prudential group supervision regime of the third country has not been determined to be temporarily equivalent;

b

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.

4

The PRA must, at the level of the ultimate non-UK solvency 2 parent—

a

ensure appropriate supervision of the insurance undertakings and reinsurance undertakings that are authorised by the PRA in the group, and

b

ensure the objectives of group supervision are achieved.

5

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.

36AParent undertakings outside the United Kingdom: levels1

Where the parent undertaking of an insurance undertaking or reinsurance undertaking with its head office outside the United Kingdom is itself a subsidiary of—

a

an insurance holding company or a mixed financial holding company which has its head office in a third country, or

b

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.

2

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.

3

Where paragraph (2) applies, regulation 35 applies with any necessary changes at that lower level.

4

Where paragraph (2) applies, the PRA must explain its decision to the group to which the insurance undertaking or reinsurance undertaking belongs.

CHAPTER 8Mixed-activity insurance holding companies37Intra-group transactions1

This regulation applies where—

a

the parent undertaking of one or more insurance undertakings or reinsurance undertakings in the group is a mixed-activity insurance holding company; and

b

the PRA supervises one or more of the insurance undertakings or reinsurance undertakings in the group.

2

The PRA must exercise general supervision over transactions between—

a

the mixed-activity holding company and its related undertakings; and

b

the insurance undertakings or reinsurance undertakings supervised by the PRA.

3

The requirements in regulation 24 apply to the transactions specified in paragraph (2).

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<note class="commentary C" eId="key-a76c68a7a7154dd3be8dc787e83ea989">
<p>
Reg. 24(1)(2) restricted (27.11.2020) by
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407">S.I. 2019/407</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407/regulation/13/2">reg. 13(2)</ref>
(as inserted by
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1385">The Securities Financing Transactions, Securitisation and Miscellaneous Amendments (EU Exit) Regulations 2020 (S.I. 2020/1385)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1385/regulation/1/2">regs. 1(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1385/regulation/54/5">54(5)</ref>
)
</p>
</note>
<note class="commentary C" eId="key-924ba48f2c2d1762cd8c4ca213c671df">
<p>
Reg. 25 restricted (27.11.2020) by
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407">S.I. 2019/407</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407/regulation/13/2">reg. 13(2)</ref>
(as inserted by
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1385">The Securities Financing Transactions, Securitisation and Miscellaneous Amendments (EU Exit) Regulations 2020 (S.I. 2020/1385)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1385/regulation/1/2">regs. 1(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1385/regulation/54/5">54(5)</ref>
)
</p>
</note>
<note class="commentary C" eId="key-4c37eca1437223341a042c6ee3e9ce7c">
<p>
Reg. 28(2) restricted (27.11.2020) by
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407">S.I. 2019/407</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407/regulation/13/2">reg. 13(2)</ref>
(as inserted by
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1385">The Securities Financing Transactions, Securitisation and Miscellaneous Amendments (EU Exit) Regulations 2020 (S.I. 2020/1385)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1385/regulation/1/2">regs. 1(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1385/regulation/54/5">54(5)</ref>
)
</p>
</note>
<note class="commentary F" eId="key-6611e3dfa7b3a430537afe7fabc7d2ed">
<p>
<ref href="http://www.legislation.gov.uk/id/uksi/2015/575/regulation/36A">Reg. 36A</ref>
inserted (31.12.2020) by
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407">The Solvency 2 and Insurance (Amendment, etc.) (EU Exit) Regulations 2019 (S.I. 2019/407)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407/regulation/1/2">regs. 1(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407/regulation/9/22">9(22)</ref>
(as amended by
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1385">S.I. 2020/1385</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1385/regulation/1/2">regs. 1(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1385/regulation/54/2">54(2)</ref>
)
</p>
</note>
<note class="commentary F" eId="key-7b72c94381c448571b3f07823335c082">
<p>
Words in reg. 10 substituted (31.12.2020) by
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407">The Solvency 2 and Insurance (Amendment, etc.) (EU Exit) Regulations 2019 (S.I. 2019/407)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407/regulation/1/2">regs. 1(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407/regulation/9/3/a">9(3)(a)</ref>
(as amended by
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1385">S.I. 2020/1385</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1385/regulation/1/2">regs. 1(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1385/regulation/54/2">54(2)</ref>
)
</p>
</note>
<note class="commentary F" eId="key-6721eb085d76f57dc92bf05b07b355b0">
<p>
Words in reg. 10 Table 1 inserted (31.12.2020) by
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407">The Solvency 2 and Insurance (Amendment, etc.) (EU Exit) Regulations 2019 (S.I. 2019/407)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407/regulation/1/2">regs. 1(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407/regulation/9/3/b/ii/aa">9(3)(b)(ii)(aa)</ref>
(as amended by
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1385">S.I. 2020/1385</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1385/regulation/1/2">regs. 1(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1385/regulation/54/2">54(2)</ref>
)
</p>
</note>
<note class="commentary F" eId="key-e116e23bebdd1758ce9c6878ae5f2fdc">
<p>
Words in reg. 10 Table 1 inserted (31.12.2020) by
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407">The Solvency 2 and Insurance (Amendment, etc.) (EU Exit) Regulations 2019 (S.I. 2019/407)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407/regulation/1/2">regs. 1(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407/regulation/9/3/b/ii/bb">9(3)(b)(ii)(bb)</ref>
(as amended by
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1385">S.I. 2020/1385</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1385/regulation/1/2">regs. 1(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1385/regulation/54/2">54(2)</ref>
)
</p>
</note>
<note class="commentary F" eId="key-63e13b7137cd7f5afc62c04d3b9965e1">
<p>
Word in reg. 10 Table 1 substituted (31.12.2020) by
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407">The Solvency 2 and Insurance (Amendment, etc.) (EU Exit) Regulations 2019 (S.I. 2019/407)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407/regulation/1/2">regs. 1(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407/regulation/9/3/b/iii">9(3)(b)(iii)</ref>
(as amended by
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1385">S.I. 2020/1385</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1385/regulation/1/2">regs. 1(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1385/regulation/54/2">54(2)</ref>
)
</p>
</note>
<note class="commentary F" eId="key-a276788346789cbc91a64bad6b5d8808">
<p>
<ref href="http://www.legislation.gov.uk/id/uksi/2015/575/regulation/11/2">Reg. 11(2)</ref>
substituted (31.12.2020) by
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407">The Solvency 2 and Insurance (Amendment, etc.) (EU Exit) Regulations 2019 (S.I. 2019/407)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407/regulation/1/2">regs. 1(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407/regulation/9/4/a">9(4)(a)</ref>
(as amended by
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1385">S.I. 2020/1385</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1385/regulation/1/2">regs. 1(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1385/regulation/54/2">54(2)</ref>
)
</p>
</note>
<note class="commentary F" eId="key-845ebba0b2abb348dc59949c241991c3">
<p>
Words in
<ref href="http://www.legislation.gov.uk/id/uksi/2015/575/regulation/11/3">reg. 11(3)</ref>
substituted (31.12.2020) by
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407">The Solvency 2 and Insurance (Amendment, etc.) (EU Exit) Regulations 2019 (S.I. 2019/407)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407/regulation/1/2">regs. 1(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407/regulation/9/4/b">9(4)(b)</ref>
(as amended by
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1385">S.I. 2020/1385</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1385/regulation/1/2">regs. 1(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1385/regulation/54/2">54(2)</ref>
)
</p>
</note>
<note class="commentary F" eId="key-0df5a20ad3c6a0bc02986fac3bfde5fa">
<p>
<ref href="http://www.legislation.gov.uk/id/uksi/2015/575/regulation/11/4">Reg. 11(4)</ref>
substituted (31.12.2020) by
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407">The Solvency 2 and Insurance (Amendment, etc.) (EU Exit) Regulations 2019 (S.I. 2019/407)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407/regulation/1/2">regs. 1(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407/regulation/9/4/c">9(4)(c)</ref>
(as amended by
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1385">S.I. 2020/1385</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1385/regulation/1/2">regs. 1(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1385/regulation/54/2">54(2)</ref>
)
</p>
</note>
<note class="commentary F" eId="key-19a990b74df8be639d54d8b092a3a67e">
<p>
Reg. 12 omitted (31.12.2020) by virtue of
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407">S.I. 2019/407</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407/regulation/9/5">reg. 9(5)</ref>
(as substituted by
<ref href="http://www.legislation.gov.uk/id/uksi/2019/680">The Gibraltar (Miscellaneous Amendments) (EU Exit) Regulations 2019 (S.I. 2019/680)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/680/regulation/1/3">regs. 1(3)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/680/regulation/10/4/d">10(4)(d)</ref>
(with
<ref href="http://www.legislation.gov.uk/id/uksi/2019/680/regulation/11">reg. 11</ref>
) (as amended by
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301">S.I. 2020/1301</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301/regulation/1">regs. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301/regulation/3">3</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301/schedule/paragraph/40/f">Sch. para. 40(f)</ref>
);
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1">2020 c. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1">Sch. 5 para. 1(1)</ref>
)
</p>
</note>
<note class="commentary F" eId="key-5528fa2d87114d36e8de488128cd0dc0">
<p>
Reg. 13 substituted (31.12.2020) by
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407">S.I. 2019/407</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407/regulation/9/5A">reg. 9(5A)</ref>
(as inserted by
<ref href="http://www.legislation.gov.uk/id/uksi/2019/680">The Gibraltar (Miscellaneous Amendments) (EU Exit) Regulations 2019 (S.I. 2019/680)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/680/regulation/1/3">regs. 1(3)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/680/regulation/10/4/e">10(4)(e)</ref>
(with
<ref href="http://www.legislation.gov.uk/id/uksi/2019/680/regulation/11">reg. 11</ref>
) (as amended by
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301">S.I. 2020/1301</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301/regulation/1">regs. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301/regulation/3">3</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301/schedule/paragraph/40/f">Sch. para. 40(f)</ref>
);
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1">2020 c. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1">Sch. 5 para. 1(1)</ref>
)
</p>
</note>
<note class="commentary F" eId="key-9592a80a9a7020ee30369ae64dadb35a">
<p>
Reg. 14 substituted (31.12.2020) by
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407">S.I. 2019/407</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407/regulation/9/5B">reg. 9(5B)</ref>
(as inserted by
<ref href="http://www.legislation.gov.uk/id/uksi/2019/680">The Gibraltar (Miscellaneous Amendments) (EU Exit) Regulations 2019 (S.I. 2019/680)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/680/regulation/1/3">regs. 1(3)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/680/regulation/10/4/e">10(4)(e)</ref>
(with
<ref href="http://www.legislation.gov.uk/id/uksi/2019/680/regulation/11">reg. 11</ref>
) (as amended by
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301">S.I. 2020/1301</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301/regulation/1">regs. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301/regulation/3">3</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301/schedule/paragraph/40/e/ii/bb">Sch. para. 40(e)(ii)(bb)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301/schedule/paragraph/40/f">Sch. para. 40(f)</ref>
);
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1">2020 c. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1">Sch. 5 para. 1(1)</ref>
)
</p>
</note>
<note class="commentary F" eId="key-7978b868e7c887cd4692cac36b542496">
<p>
Reg. 15 substituted (31.12.2020) by
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407">The Solvency 2 and Insurance (Amendment, etc.) (EU Exit) Regulations 2019 (S.I. 2019/407)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407/regulation/1/2">regs. 1(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407/regulation/9/6">9(6)</ref>
(as amended by
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1385">S.I. 2020/1385</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1385/regulation/1/2">regs. 1(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1385/regulation/54/2">54(2)</ref>
and
<ref href="http://www.legislation.gov.uk/id/uksi/2019/680">S.I. 2019/680</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/680/regulation/1/3">regs. 1(3)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/680/regulation/10/4/f">10(4)(f)</ref>
(with
<ref href="http://www.legislation.gov.uk/id/uksi/2019/680/regulation/11">reg. 11</ref>
))
</p>
</note>
<note class="commentary F" eId="key-6bcd34b184d8163316266f9a5437c4a1">
<p>
Words in reg. 16(1) substituted (31.12.2020) by
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407">S.I. 2019/407</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407/regulation/9/7/a">reg. 9(7)(a)</ref>
(as substituted by
<ref href="http://www.legislation.gov.uk/id/uksi/2019/680">The Gibraltar (Miscellaneous Amendments) (EU Exit) Regulations 2019 (S.I. 2019/680)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/680/regulation/1/3">regs. 1(3)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/680/regulation/10/4/g">10(4)(g)</ref>
(with
<ref href="http://www.legislation.gov.uk/id/uksi/2019/680/regulation/11">reg. 11</ref>
) (as amended by
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301">S.I. 2020/1301</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301/regulation/1">regs. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301/regulation/3">3</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301/schedule/paragraph/40/f">Sch. para. 40(f)</ref>
);
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1">2020 c. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1">Sch. 5 para. 1(1)</ref>
)
</p>
</note>
<note class="commentary F" eId="key-a79d9e63f275df7e25a46891ecb8ceaf">
<p>
Words in reg. 16(2) substituted (31.12.2020) by
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407">S.I. 2019/407</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407/regulation/9/7/b/i">reg. 9(7)(b)(i)</ref>
(as substituted by
<ref href="http://www.legislation.gov.uk/id/uksi/2019/680">The Gibraltar (Miscellaneous Amendments) (EU Exit) Regulations 2019 (S.I. 2019/680)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/680/regulation/1/3">regs. 1(3)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/680/regulation/10/4/g">10(4)(g)</ref>
(with
<ref href="http://www.legislation.gov.uk/id/uksi/2019/680/regulation/11">reg. 11</ref>
) (as amended by
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301">S.I. 2020/1301</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301/regulation/1">regs. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301/regulation/3">3</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301/schedule/paragraph/40/f">Sch. para. 40(f)</ref>
);
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1">2020 c. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1">Sch. 5 para. 1(1)</ref>
)
</p>
</note>
<note class="commentary F" eId="key-ae5c9d041343cb83fd53e1053967919b">
<p>
Reg. 16(2)(b) omitted (31.12.2020) by virtue of
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407">S.I. 2019/407</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407/regulation/9/7/b/ii">reg. 9(7)(b)(ii)</ref>
(as substituted by
<ref href="http://www.legislation.gov.uk/id/uksi/2019/680">The Gibraltar (Miscellaneous Amendments) (EU Exit) Regulations 2019 (S.I. 2019/680)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/680/regulation/1/3">regs. 1(3)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/680/regulation/10/4/g">10(4)(g)</ref>
(with
<ref href="http://www.legislation.gov.uk/id/uksi/2019/680/regulation/11">reg. 11</ref>
) (as amended by
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301">S.I. 2020/1301</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301/regulation/1">regs. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301/regulation/3">3</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301/schedule/paragraph/40/f">Sch. para. 40(f)</ref>
);
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1">2020 c. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1">Sch. 5 para. 1(1)</ref>
)
</p>
</note>
<note class="commentary F" eId="key-5655031fa4c72772798d437ad37a61a7">
<p>
Reg. 17(4)(5) inserted (31.12.2020) by
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407">The Solvency 2 and Insurance (Amendment, etc.) (EU Exit) Regulations 2019 (S.I. 2019/407)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407/regulation/1/2">regs. 1(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407/regulation/9/8/c">9(8)(c)</ref>
(as amended by
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1385">S.I. 2020/1385</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1385/regulation/1/2">regs. 1(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1385/regulation/54/2">54(2)</ref>
and
<ref href="http://www.legislation.gov.uk/id/uksi/2019/680">S.I. 2019/680</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/680/regulation/1/3">regs. 1(3)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/680/regulation/10/4/h/ii">10(4)(h)(ii)</ref>
(with
<ref href="http://www.legislation.gov.uk/id/uksi/2019/680/regulation/11">reg. 11</ref>
) (as amended by
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301">S.I. 2020/1301</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301/regulation/1">regs. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301/regulation/3">3</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301/schedule/paragraph/40/f">Sch. para. 40(f)</ref>
))
</p>
</note>
<note class="commentary F" eId="key-3b6a693f3ae120598d983e7ffdd743be">
<p>
Words in
<ref href="http://www.legislation.gov.uk/id/uksi/2015/575/regulation/17/2/b/ii">reg. 17(2)(b)(ii)</ref>
substituted (31.12.2020) by
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407">The Solvency 2 and Insurance (Amendment, etc.) (EU Exit) Regulations 2019 (S.I. 2019/407)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407/regulation/1/2">regs. 1(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407/regulation/9/8/a">9(8)(a)</ref>
(as amended by
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1385">S.I. 2020/1385</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1385/regulation/1/2">regs. 1(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1385/regulation/54/2">54(2)</ref>
); as amended by
<ref href="http://www.legislation.gov.uk/id/uksi/2019/680">The Gibraltar (Miscellaneous Amendments) (EU Exit) Regulations 2019 (S.I. 2019/680)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/680/regulation/1/3">regs. 1(3)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/680/regulation/10/4/h/i">10(4)(h)(i)</ref>
(with
<ref href="http://www.legislation.gov.uk/id/uksi/2019/680/regulation/11">reg. 11</ref>
)
</p>
</note>
<note class="commentary F" eId="key-a10dd4d776c9febf77cb0e2a0cad1f03">
<p>
Words in
<ref href="http://www.legislation.gov.uk/id/uksi/2015/575/regulation/17/2/b/iii">reg. 17(2)(b)(iii)</ref>
substituted (31.12.2020) by
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407">The Solvency 2 and Insurance (Amendment, etc.) (EU Exit) Regulations 2019 (S.I. 2019/407)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407/regulation/1/2">regs. 1(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407/regulation/9/8/a">9(8)(a)</ref>
(as amended by
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1385">S.I. 2020/1385</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1385/regulation/1/2">regs. 1(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1385/regulation/54/2">54(2)</ref>
); as amended by
<ref href="http://www.legislation.gov.uk/id/uksi/2019/680">The Gibraltar (Miscellaneous Amendments) (EU Exit) Regulations 2019 (S.I. 2019/680)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/680/regulation/1/3">regs. 1(3)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/680/regulation/10/4/h/i">10(4)(h)(i)</ref>
(with
<ref href="http://www.legislation.gov.uk/id/uksi/2019/680/regulation/11">reg. 11</ref>
)
</p>
</note>
<note class="commentary F" eId="key-6d098998c87ed1429666312b14b42fca">
<p>
Words in
<ref href="http://www.legislation.gov.uk/id/uksi/2015/575/regulation/17/3">reg. 17(3)</ref>
omitted (31.12.2020) by virtue of
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407">The Solvency 2 and Insurance (Amendment, etc.) (EU Exit) Regulations 2019 (S.I. 2019/407)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407/regulation/1/2">regs. 1(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407/regulation/9/8/b">9(8)(b)</ref>
(as amended by
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1385">S.I. 2020/1385</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1385/regulation/1/2">regs. 1(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1385/regulation/54/2">54(2)</ref>
); as amended by
<ref href="http://www.legislation.gov.uk/id/uksi/2019/680">The Gibraltar (Miscellaneous Amendments) (EU Exit) Regulations 2019 (S.I. 2019/680)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/680/regulation/1/3">regs. 1(3)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/680/regulation/10/4/h/i">10(4)(h)(i)</ref>
(with
<ref href="http://www.legislation.gov.uk/id/uksi/2019/680/regulation/11">reg. 11</ref>
)
</p>
</note>
<note class="commentary F" eId="key-5b96621c6111dc0d5e35457c69e964c0">
<p>
Words in reg. 18(1)(b) inserted (31.12.2020) by
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407">S.I. 2019/407</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407/regulation/9/9/a/i">reg. 9(9)(a)(i)</ref>
(as substituted by
<ref href="http://www.legislation.gov.uk/id/uksi/2019/680">The Gibraltar (Miscellaneous Amendments) (EU Exit) Regulations 2019 (S.I. 2019/680)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/680/regulation/1/3">regs. 1(3)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/680/regulation/10/4/i">10(4)(i)</ref>
(with
<ref href="http://www.legislation.gov.uk/id/uksi/2019/680/regulation/11">reg. 11</ref>
) (as amended by
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301">S.I. 2020/1301</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301/regulation/1">regs. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301/regulation/3">3</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301/schedule/paragraph/40/f">Sch. para. 40(f)</ref>
);
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1">2020 c. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1">Sch. 5 para. 1(1)</ref>
)
</p>
</note>
<note class="commentary F" eId="key-ffeebf75924597c35d0f548178e1df04">
<p>
Words in reg. 18(1)(e) substituted (31.12.2020) by
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407">S.I. 2019/407</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407/regulation/9/9/a/ii">reg. 9(9)(a)(ii)</ref>
(as substituted by
<ref href="http://www.legislation.gov.uk/id/uksi/2019/680">The Gibraltar (Miscellaneous Amendments) (EU Exit) Regulations 2019 (S.I. 2019/680)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/680/regulation/1/3">regs. 1(3)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/680/regulation/10/4/i">10(4)(i)</ref>
(with
<ref href="http://www.legislation.gov.uk/id/uksi/2019/680/regulation/11">reg. 11</ref>
) (as amended by
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301">S.I. 2020/1301</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301/regulation/1">regs. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301/regulation/3">3</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301/schedule/paragraph/40/f">Sch. para. 40(f)</ref>
);
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1">2020 c. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1">Sch. 5 para. 1(1)</ref>
)
</p>
</note>
<note class="commentary F" eId="key-67a9868f4c870ae846f4be5413bbd610">
<p>
Word in reg. 18(2)(a) substituted (31.12.2020) by
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407">S.I. 2019/407</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407/regulation/9/9/b">reg. 9(9)(b)</ref>
(as substituted by
<ref href="http://www.legislation.gov.uk/id/uksi/2019/680">The Gibraltar (Miscellaneous Amendments) (EU Exit) Regulations 2019 (S.I. 2019/680)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/680/regulation/1/3">regs. 1(3)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/680/regulation/10/4/i">10(4)(i)</ref>
(with
<ref href="http://www.legislation.gov.uk/id/uksi/2019/680/regulation/11">reg. 11</ref>
) (as amended by
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301">S.I. 2020/1301</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301/regulation/1">regs. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301/regulation/3">3</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301/schedule/paragraph/40/f">Sch. para. 40(f)</ref>
);
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1">2020 c. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1">Sch. 5 para. 1(1)</ref>
)
</p>
</note>
<note class="commentary F" eId="key-717d6ee90599b5bc3467ed89044fd85e">
<p>
Reg. 19(2A) inserted (31.12.2020) by
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407">The Solvency 2 and Insurance (Amendment, etc.) (EU Exit) Regulations 2019 (S.I. 2019/407)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407/regulation/1/2">regs. 1(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407/regulation/9/10/c">9(10)(c)</ref>
(as amended by
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1385">S.I. 2020/1385</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1385/regulation/1/2">regs. 1(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1385/regulation/54/2">54(2)</ref>
and
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301">S.I. 2020/1301</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301/regulation/1">regs. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301/regulation/3">3</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301/schedule/paragraph/27/c/i">Sch. para. 27(c)(i)</ref>
)
</p>
</note>
<note class="commentary F" eId="key-76df6ee70f92c2ab2bf15ae1629d3fa9">
<p>
<ref href="http://www.legislation.gov.uk/id/uksi/2015/575/regulation/19/5">Reg. 19(5)</ref>
inserted (31.12.2020) by
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407">The Solvency 2 and Insurance (Amendment, etc.) (EU Exit) Regulations 2019 (S.I. 2019/407)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407/regulation/1/2">regs. 1(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407/regulation/9/10/f">9(10)(f)</ref>
(as amended by
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1385">S.I. 2020/1385</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1385/regulation/1/2">regs. 1(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1385/regulation/54/2">54(2)</ref>
)
</p>
</note>
<note class="commentary F" eId="key-4584be8754ac9a0ff615c51233704d2a">
<p>
Word in reg. 19(1)(b) substituted (31.12.2020) by
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407">S.I. 2019/407</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407/regulation/9/10/a/i">reg. 9(10)(a)(i)</ref>
(as substituted by
<ref href="http://www.legislation.gov.uk/id/uksi/2019/680">The Gibraltar (Miscellaneous Amendments) (EU Exit) Regulations 2019 (S.I. 2019/680)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/680/regulation/1/3">regs. 1(3)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/680/regulation/10/4/j/i">10(4)(j)(i)</ref>
(with
<ref href="http://www.legislation.gov.uk/id/uksi/2019/680/regulation/11">reg. 11</ref>
) (as amended by
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301">S.I. 2020/1301</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301/regulation/1">regs. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301/regulation/3">3</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301/schedule/paragraph/40/f">Sch. para. 40(f)</ref>
);
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1">2020 c. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1">Sch. 5 para. 1(1)</ref>
)
</p>
</note>
<note class="commentary F" eId="key-230c20f67d37786f6f91665bc1a58af5">
<p>
Word in reg. 19(1)(b) substituted (31.12.2020) by
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407">S.I. 2019/407</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407/regulation/9/10/a/ii">reg. 9(10)(a)(ii)</ref>
(as substituted by
<ref href="http://www.legislation.gov.uk/id/uksi/2019/680">The Gibraltar (Miscellaneous Amendments) (EU Exit) Regulations 2019 (S.I. 2019/680)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/680/regulation/1/3">regs. 1(3)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/680/regulation/10/4/j/i">10(4)(j)(i)</ref>
(with
<ref href="http://www.legislation.gov.uk/id/uksi/2019/680/regulation/11">reg. 11</ref>
) (as amended by
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301">S.I. 2020/1301</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301/regulation/1">regs. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301/regulation/3">3</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301/schedule/paragraph/40/f">Sch. para. 40(f)</ref>
);
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1">2020 c. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1">Sch. 5 para. 1(1)</ref>
)
</p>
</note>
<note class="commentary F" eId="key-2b642cd278e578e38ff60be4baf3fc6d">
<p>
Words in
<ref href="http://www.legislation.gov.uk/id/uksi/2015/575/regulation/19/1/c">reg. 19(1)(c)</ref>
inserted (31.12.2020) by
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407">The Solvency 2 and Insurance (Amendment, etc.) (EU Exit) Regulations 2019 (S.I. 2019/407)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407/regulation/1/2">regs. 1(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407/regulation/9/10/b">9(10)(b)</ref>
(as amended by
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1385">S.I. 2020/1385</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1385/regulation/1/2">regs. 1(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1385/regulation/54/2">54(2)</ref>
)
</p>
</note>
<note class="commentary F" eId="key-b9544c8b0480f492894abf301fffd582">
<p>
Reg. 19(3) substituted (31.12.2020) by
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407"> The Solvency 2 and Insurance (Amendment, etc.) (EU Exit) Regulations 2019 (S.I. 2019/407)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407/regulation/1/2">regs. 1(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407/regulation/9/10/d">9(10)(d)</ref>
(as amended by
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1385">S.I. 2020/1385</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1385/regulation/1/2">regs. 1(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1385/regulation/54/2">54(2)</ref>
;
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301">S.I. 2020/1301</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301/regulation/1">regs. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301/regulation/3">3</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301/schedule/paragraph/27/c/ii">Sch. para. 27(c)(ii)</ref>
and
<ref href="http://www.legislation.gov.uk/id/uksi/2019/680">S.I. 2019/680</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/680/regulation/1/3">regs. 1(3)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/680/regulation/10/4/j/ii">10(4)(j)(ii)</ref>
(with
<ref href="http://www.legislation.gov.uk/id/uksi/2019/680/regulation/11">reg. 11</ref>
))
</p>
</note>
<note class="commentary F" eId="key-ac7f2ad9db06eec47cfc4f0a62a38c24">
<p>
<ref href="http://www.legislation.gov.uk/id/uksi/2015/575/regulation/19/4/a">Reg. 19(4)(a)</ref>
omitted (31.12.2020) by virtue of
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407">The Solvency 2 and Insurance (Amendment, etc.) (EU Exit) Regulations 2019 (S.I. 2019/407)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407/regulation/1/2">regs. 1(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407/regulation/9/10/e/i">9(10)(e)(i)</ref>
(as amended by
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1385">S.I. 2020/1385</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1385/regulation/1/2">regs. 1(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1385/regulation/54/2">54(2)</ref>
)
</p>
</note>
<note class="commentary F" eId="key-0eed48995e17c84f982ac8181cd6a596">
<p>
Words in
<ref href="http://www.legislation.gov.uk/id/uksi/2015/575/regulation/19/4/b">reg. 19(4)(b)</ref>
substituted (31.12.2020) by
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407">The Solvency 2 and Insurance (Amendment, etc.) (EU Exit) Regulations 2019 (S.I. 2019/407)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407/regulation/1/2">regs. 1(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407/regulation/9/10/e/ii">9(10)(e)(ii)</ref>
(as amended by
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1385">S.I. 2020/1385</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1385/regulation/1/2">regs. 1(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1385/regulation/54/2">54(2)</ref>
)
</p>
</note>
<note class="commentary F" eId="key-59b56c62b93b02fa99b34f72018bc24c">
<p>
Words in
<ref href="http://www.legislation.gov.uk/id/uksi/2015/575/regulation/19/4/c">reg. 19(4)(c)</ref>
inserted (31.12.2020) by
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407">The Solvency 2 and Insurance (Amendment, etc.) (EU Exit) Regulations 2019 (S.I. 2019/407)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407/regulation/1/2">regs. 1(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407/regulation/9/10/e/iii">9(10)(e)(iii)</ref>
(as amended by
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1385">S.I. 2020/1385</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1385/regulation/1/2">regs. 1(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1385/regulation/54/2">54(2)</ref>
)
</p>
</note>
<note class="commentary F" eId="key-227f6dad429f67c83b41160970759919">
<p>
Words in
<ref href="http://www.legislation.gov.uk/id/uksi/2015/575/regulation/20/1">reg. 20(1)</ref>
omitted (31.12.2020) by virtue of
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407">The Solvency 2 and Insurance (Amendment, etc.) (EU Exit) Regulations 2019 (S.I. 2019/407)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407/regulation/1/2">regs. 1(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407/regulation/9/11/a/i">9(11)(a)(i)</ref>
(as amended by
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1385">S.I. 2020/1385</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1385/regulation/1/2">regs. 1(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1385/regulation/54/2">54(2)</ref>
)
</p>
</note>
<note class="commentary F" eId="key-edea5df13d730288508537bff42595ee">
<p>
Words in
<ref href="http://www.legislation.gov.uk/id/uksi/2015/575/regulation/20/1/b">reg. 20(1)(b)</ref>
omitted (31.12.2020) by virtue of
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407">The Solvency 2 and Insurance (Amendment, etc.) (EU Exit) Regulations 2019 (S.I. 2019/407)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407/regulation/1/2">regs. 1(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407/regulation/9/11/a/ii/bb">9(11)(a)(ii)(bb)</ref>
(as amended by
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1385">S.I. 2020/1385</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1385/regulation/1/2">regs. 1(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1385/regulation/54/2">54(2)</ref>
)
</p>
</note>
<note class="commentary F" eId="key-5cc46a7720205fe0e9efa4ff323af4f3">
<p>
Words in
<ref href="http://www.legislation.gov.uk/id/uksi/2015/575/regulation/20/3">reg. 20(3)</ref>
omitted (31.12.2020) by virtue of
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407">The Solvency 2 and Insurance (Amendment, etc.) (EU Exit) Regulations 2019 (S.I. 2019/407)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407/regulation/1/2">regs. 1(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407/regulation/9/11/b">9(11)(b)</ref>
(as amended by
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1385">S.I. 2020/1385</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1385/regulation/1/2">regs. 1(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1385/regulation/54/2">54(2)</ref>
)
</p>
</note>
<note class="commentary F" eId="key-cbe68c39738c2e97166afb07af52f3a5">
<p>
Words in
<ref href="http://www.legislation.gov.uk/id/uksi/2015/575/regulation/20/4">reg. 20(4)</ref>
omitted (31.12.2020) by virtue of
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407">The Solvency 2 and Insurance (Amendment, etc.) (EU Exit) Regulations 2019 (S.I. 2019/407)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407/regulation/1/2">regs. 1(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407/regulation/9/11/c">9(11)(c)</ref>
(as amended by
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1385">S.I. 2020/1385</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1385/regulation/1/2">regs. 1(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1385/regulation/54/2">54(2)</ref>
)
</p>
</note>
<note class="commentary F" eId="key-f4edd18797ad65273bf1a349a56707b6">
<p>
Words in reg. 20(1)(b) substituted (31.12.2020) by
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407">S.I. 2019/407</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407/regulation/9/11/a/ii/aa">reg. 9(11)(a)(ii)(aa)</ref>
(as substituted by
<ref href="http://www.legislation.gov.uk/id/uksi/2019/680">The Gibraltar (Miscellaneous Amendments) (EU Exit) Regulations 2019 (S.I. 2019/680)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/680/regulation/1/3">regs. 1(3)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/680/regulation/10/4/l/i">10(4)(l)(i)</ref>
(with
<ref href="http://www.legislation.gov.uk/id/uksi/2019/680/regulation/11">reg. 11</ref>
) (as amended by
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301">S.I. 2020/1301</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301/regulation/1">regs. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301/regulation/3">3</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301/schedule/paragraph/40/f">Sch. para. 40(f)</ref>
);
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1">2020 c. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1">Sch. 5 para. 1(1)</ref>
)
</p>
</note>
<note class="commentary F" eId="key-59bcc172c1b35e9ccfde3b760244c598">
<p>
Words in reg. 20(5) substituted (31.12.2020) by
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407">S.I. 2019/407</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407/regulation/9/11/d">reg. 9(11)(d)</ref>
(as substituted by
<ref href="http://www.legislation.gov.uk/id/uksi/2019/680">The Gibraltar (Miscellaneous Amendments) (EU Exit) Regulations 2019 (S.I. 2019/680)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/680/regulation/1/3">regs. 1(3)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/680/regulation/10/4/l/ii">10(4)(l)(ii)</ref>
(with
<ref href="http://www.legislation.gov.uk/id/uksi/2019/680/regulation/11">reg. 11</ref>
) (as amended by
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301">S.I. 2020/1301</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301/regulation/1">regs. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301/regulation/3">3</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301/schedule/paragraph/40/f">Sch. para. 40(f)</ref>
);
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1">2020 c. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1">Sch. 5 para. 1(1)</ref>
)
</p>
</note>
<note class="commentary F" eId="key-33bcfbd53569b518a457d3c642527a7b">
<p>
<ref href="http://www.legislation.gov.uk/id/uksi/2015/575/regulation/21">Reg. 21</ref>
omitted (31.12.2020) by virtue of
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407">The Solvency 2 and Insurance (Amendment, etc.) (EU Exit) Regulations 2019 (S.I. 2019/407)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407/regulation/1/2">regs. 1(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407/regulation/9/12">9(12)</ref>
(as amended by
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1385">S.I. 2020/1385</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1385/regulation/1/2">regs. 1(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1385/regulation/54/2">54(2)</ref>
)
</p>
</note>
<note class="commentary F" eId="key-ded7641f89fde7154f47736eb41cfcee">
<p>
<ref href="http://www.legislation.gov.uk/id/uksi/2015/575/regulation/22">Reg. 22</ref>
omitted (31.12.2020) by virtue of
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407">The Solvency 2 and Insurance (Amendment, etc.) (EU Exit) Regulations 2019 (S.I. 2019/407)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407/regulation/1/2">regs. 1(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407/regulation/9/12">9(12)</ref>
(as amended by
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1385">S.I. 2020/1385</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1385/regulation/1/2">regs. 1(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1385/regulation/54/2">54(2)</ref>
)
</p>
</note>
<note class="commentary F" eId="key-e3f8b193798d975c0ff15b1b19436410">
<p>
<ref href="http://www.legislation.gov.uk/id/uksi/2015/575/regulation/23">Reg. 23</ref>
omitted (31.12.2020) by virtue of
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407">The Solvency 2 and Insurance (Amendment, etc.) (EU Exit) Regulations 2019 (S.I. 2019/407)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407/regulation/1/2">regs. 1(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407/regulation/9/12">9(12)</ref>
(as amended by
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1385">S.I. 2020/1385</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1385/regulation/1/2">regs. 1(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1385/regulation/54/2">54(2)</ref>
)
</p>
</note>
<note class="commentary F" eId="key-551ac7b03e417442d8260779fc48f8b8">
<p>
Words in
<ref href="http://www.legislation.gov.uk/id/uksi/2015/575/regulation/24/1">reg. 24(1)</ref>
substituted (31.12.2020) by
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407">The Solvency 2 and Insurance (Amendment, etc.) (EU Exit) Regulations 2019 (S.I. 2019/407)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407/regulation/1/2">regs. 1(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407/regulation/9/13/a">9(13)(a)</ref>
(as amended by
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1385">S.I. 2020/1385</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1385/regulation/1/2">regs. 1(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1385/regulation/54/2">54(2)</ref>
)
</p>
</note>
<note class="commentary F" eId="key-9beb3e72cf7ba5a185204addac0f4e81">
<p>
Reg. 24(1A) inserted by
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407">S.I. 2019/407</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407/regulation/9/13/aa">reg. 9(13)(aa)</ref>
(as inserted) by
<ref href="http://www.legislation.gov.uk/id/uksi/2019/680">The Gibraltar (Miscellaneous Amendments) (EU Exit) Regulations 2019 (S.I. 2019/680)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/680/regulation/1/3">regs. 1(3)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/680/regulation/10/4/m/i">10(4)(m)(i)</ref>
(with
<ref href="http://www.legislation.gov.uk/id/uksi/2019/680/regulation/11">reg. 11</ref>
) (as amended by
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301">S.I. 2020/1301</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301/regulation/1">regs. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301/regulation/3">3</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301/schedule/paragraph/40/f">Sch. para. 40(f)</ref>
);
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1">2020 c. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1">Sch. 5 para. 1(1)</ref>
)
</p>
</note>
<note class="commentary F" eId="key-f06fbd68f4775f89b0edcd23bc2f8db8">
<p>
Words in reg. 24(2) substituted (31.12.2020) by
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407">S.I. 2019/407</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407/regulation/9/13/b">reg. 9(13)(b)</ref>
(as substituted by
<ref href="http://www.legislation.gov.uk/id/uksi/2019/680">The Gibraltar (Miscellaneous Amendments) (EU Exit) Regulations 2019 (S.I. 2019/680)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/680/regulation/1/3">regs. 1(3)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/680/regulation/10/4/m/ii">10(4)(m)(ii)</ref>
(with
<ref href="http://www.legislation.gov.uk/id/uksi/2019/680/regulation/11">reg. 11</ref>
) (as amended by
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301">S.I. 2020/1301</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301/regulation/1">regs. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301/regulation/3">3</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301/schedule/paragraph/40/f">Sch. para. 40(f)</ref>
);
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1">2020 c. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1">Sch. 5 para. 1(1)</ref>
)
</p>
</note>
<note class="commentary F" eId="key-9ab6abd0e3cb27807435b5032e4dc121">
<p>
Words in reg. 24(3) substituted (31.12.2020) by
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407">S.I. 2019/407</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407/regulation/9/13/c/i">reg. 9(13)(c)(i)</ref>
(as substituted by
<ref href="http://www.legislation.gov.uk/id/uksi/2019/680">The Gibraltar (Miscellaneous Amendments) (EU Exit) Regulations 2019 (S.I. 2019/680)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/680/regulation/1/3">regs. 1(3)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/680/regulation/10/4/m/iii">10(4)(m)(iii)</ref>
(with
<ref href="http://www.legislation.gov.uk/id/uksi/2019/680/regulation/11">reg. 11</ref>
) (as amended by
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301">S.I. 2020/1301</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301/regulation/1">regs. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301/regulation/3">3</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301/schedule/paragraph/40/f">Sch. para. 40(f)</ref>
);
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1">2020 c. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1">Sch. 5 para. 1(1)</ref>
)
</p>
</note>
<note class="commentary F" eId="key-8b8c797f3936660385eb6b919160959d">
<p>
Words in reg. 24(3) substituted (31.12.2020) by
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407">S.I. 2019/407</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407/regulation/9/13/c/ii">reg. 9(13)(c)(ii)</ref>
(as substituted by
<ref href="http://www.legislation.gov.uk/id/uksi/2019/680">The Gibraltar (Miscellaneous Amendments) (EU Exit) Regulations 2019 (S.I. 2019/680)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/680/regulation/1/3">regs. 1(3)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/680/regulation/10/4/m/iii">10(4)(m)(iii)</ref>
(with
<ref href="http://www.legislation.gov.uk/id/uksi/2019/680/regulation/11">reg. 11</ref>
) (as amended by
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301">S.I. 2020/1301</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301/regulation/1">regs. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301/regulation/3">3</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301/schedule/paragraph/40/f">Sch. para. 40(f)</ref>
);
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1">2020 c. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1">Sch. 5 para. 1(1)</ref>
)
</p>
</note>
<note class="commentary F" eId="key-524af12878125656fb7dd76b19a59ca4">
<p>
Reg. 26 substituted (31.12.2020) by
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407">The Solvency 2 and Insurance (Amendment, etc.) (EU Exit) Regulations 2019 (S.I. 2019/407)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407/regulation/1/2">regs. 1(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407/regulation/9/15">9(15)</ref>
(as amended by
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1385">S.I. 2020/1385</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1385/regulation/1/2">regs. 1(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1385/regulation/54/2">54(2)</ref>
and
<ref href="http://www.legislation.gov.uk/id/uksi/2019/680">S.I. 2019/680</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/680/regulation/1/3">regs. 1(3)</ref>
,10(4)(n) (with reg. 11) (as amended by
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301">S.I. 2020/1301</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301/regulation/1">regs. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301/regulation/3">3</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301/schedule/paragraph/40/f">Sch. para. 40(f)</ref>
));
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1">2020 c. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1">Sch. 5 para. 1(1)</ref>
;
</p>
</note>
<note class="commentary F" eId="key-bd234b99411a756cf17bbb4313e269bc">
<p>
<ref href="http://www.legislation.gov.uk/id/uksi/2015/575/regulation/27">Reg. 27</ref>
omitted (31.12.2020) by virtue of
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407">The Solvency 2 and Insurance (Amendment, etc.) (EU Exit) Regulations 2019 (S.I. 2019/407)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407/regulation/1/2">regs. 1(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407/regulation/9/16">9(16)</ref>
(as amended by
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1385">S.I. 2020/1385</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1385/regulation/1/2">regs. 1(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1385/regulation/54/2">54(2)</ref>
)
</p>
</note>
<note class="commentary F" eId="key-f5c0ec46a8e2cfed6f2384cfe3a35245">
<p>
Words in
<ref href="http://www.legislation.gov.uk/id/uksi/2015/575/regulation/28">reg. 28</ref>
title omitted (31.12.2020) by virtue of
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407">The Solvency 2 and Insurance (Amendment, etc.) (EU Exit) Regulations 2019 (S.I. 2019/407)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407/regulation/1/2">regs. 1(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407/regulation/9/17/a">9(17)(a)</ref>
(as amended by
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1385">S.I. 2020/1385</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1385/regulation/1/2">regs. 1(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1385/regulation/54/2">54(2)</ref>
)
</p>
</note>
<note class="commentary F" eId="key-0fb6aa82b097a8879431db05094586d2">
<p>
Words in
<ref href="http://www.legislation.gov.uk/id/uksi/2015/575/regulation/28/1">reg. 28(1)</ref>
substituted (31.12.2020) by
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407">The Solvency 2 and Insurance (Amendment, etc.) (EU Exit) Regulations 2019 (S.I. 2019/407)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407/regulation/1/2">regs. 1(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407/regulation/9/17/b/ii">9(17)(b)(ii)</ref>
(as amended by
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1385">S.I. 2020/1385</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1385/regulation/1/2">regs. 1(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1385/regulation/54/2">54(2)</ref>
)
</p>
</note>
<note class="commentary F" eId="key-3b138905a5d5478dca6261f7e4ef4a14">
<p>
Words in
<ref href="http://www.legislation.gov.uk/id/uksi/2015/575/regulation/28/1">reg. 28(1)</ref>
omitted (31.12.2020) by virtue of
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407">The Solvency 2 and Insurance (Amendment, etc.) (EU Exit) Regulations 2019 (S.I. 2019/407)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407/regulation/1/2">regs. 1(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407/regulation/9/17/b/iii">9(17)(b)(iii)</ref>
(as amended by
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1385">S.I. 2020/1385</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1385/regulation/1/2">regs. 1(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1385/regulation/54/2">54(2)</ref>
)
</p>
</note>
<note class="commentary F" eId="key-34a87867a4af7fe12aaa3c5b8f7e2fbc">
<p>
<ref href="http://www.legislation.gov.uk/id/uksi/2015/575/regulation/28/2/a">Reg. 28(2)(a)</ref>
omitted (31.12.2020) by virtue of
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407">The Solvency 2 and Insurance (Amendment, etc.) (EU Exit) Regulations 2019 (S.I. 2019/407)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407/regulation/1/2">regs. 1(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407/regulation/9/17/c/i">9(17)(c)(i)</ref>
(as amended by
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1385">S.I. 2020/1385</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1385/regulation/1/2">regs. 1(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1385/regulation/54/2">54(2)</ref>
)
</p>
</note>
<note class="commentary F" eId="key-bb6551aa64d1044ca83a73b9ee9adf7f">
<p>
Words in
<ref href="http://www.legislation.gov.uk/id/uksi/2015/575/regulation/28/2/c">reg. 28(2)(c)</ref>
omitted (31.12.2020) by virtue of
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407">The Solvency 2 and Insurance (Amendment, etc.) (EU Exit) Regulations 2019 (S.I. 2019/407)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407/regulation/1/2">regs. 1(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407/regulation/9/17/c/ii">9(17)(c)(ii)</ref>
(as amended by
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1385">S.I. 2020/1385</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1385/regulation/1/2">regs. 1(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1385/regulation/54/2">54(2)</ref>
)
</p>
</note>
<note class="commentary F" eId="key-db279f46863cf8b580437a632dc50af6">
<p>
Words in
<ref href="http://www.legislation.gov.uk/id/uksi/2015/575/regulation/28/2/e">reg. 28(2)(e)</ref>
substituted (31.12.2020) by
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407">The Solvency 2 and Insurance (Amendment, etc.) (EU Exit) Regulations 2019 (S.I. 2019/407)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407/regulation/1/2">regs. 1(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407/regulation/9/17/c/iii">9(17)(c)(iii)</ref>
(as amended by
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1385">S.I. 2020/1385</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1385/regulation/1/2">regs. 1(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1385/regulation/54/2">54(2)</ref>
)
</p>
</note>
<note class="commentary F" eId="key-7b99e92c3ff4981f98f1f8598fb46501">
<p>
<ref href="http://www.legislation.gov.uk/id/uksi/2015/575/regulation/28/2/f">Reg. 28(2)(f)</ref>
omitted (31.12.2020) by virtue of
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407">The Solvency 2 and Insurance (Amendment, etc.) (EU Exit) Regulations 2019 (S.I. 2019/407)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407/regulation/1/2">regs. 1(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407/regulation/9/17/c/iv">9(17)(c)(iv)</ref>
(as amended by
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1385">S.I. 2020/1385</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1385/regulation/1/2">regs. 1(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1385/regulation/54/2">54(2)</ref>
)
</p>
</note>
<note class="commentary F" eId="key-88643c40010d077e520f44fac2cee22f">
<p>
Words in
<ref href="http://www.legislation.gov.uk/id/uksi/2015/575/regulation/28/2/g">reg. 28(2)(g)</ref>
substituted (31.12.2020) by
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407">The Solvency 2 and Insurance (Amendment, etc.) (EU Exit) Regulations 2019 (S.I. 2019/407)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407/regulation/1/2">regs. 1(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407/regulation/9/17/c/v">9(17)(c)(v)</ref>
(as amended by
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1385">S.I. 2020/1385</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1385/regulation/1/2">regs. 1(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1385/regulation/54/2">54(2)</ref>
)
</p>
</note>
<note class="commentary F" eId="key-45be3c94dc40f280cb3829252f267aa9">
<p>
<ref href="http://www.legislation.gov.uk/id/uksi/2015/575/regulation/28/2/h">Reg. 28(2)(h)</ref>
omitted (31.12.2020) by virtue of
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407">The Solvency 2 and Insurance (Amendment, etc.) (EU Exit) Regulations 2019 (S.I. 2019/407)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407/regulation/1/2">regs. 1(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407/regulation/9/17/c/vi">9(17)(c)(vi)</ref>
(as amended by
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1385">S.I. 2020/1385</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1385/regulation/1/2">regs. 1(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1385/regulation/54/2">54(2)</ref>
)
</p>
</note>
<note class="commentary F" eId="key-cb6bee926535a4a82190a7a55c54bb3d">
<p>
Words in
<ref href="http://www.legislation.gov.uk/id/uksi/2015/575/regulation/28/2/i">reg. 28(2)(i)</ref>
inserted (31.12.2020) by
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407">The Solvency 2 and Insurance (Amendment, etc.) (EU Exit) Regulations 2019 (S.I. 2019/407)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407/regulation/1/2">regs. 1(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407/regulation/9/17/c/vii">9(17)(c)(vii)</ref>
(as amended by
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1385">S.I. 2020/1385</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1385/regulation/1/2">regs. 1(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1385/regulation/54/2">54(2)</ref>
)
</p>
</note>
<note class="commentary F" eId="key-a07a21ddf05ba8097d42e0d39f88f1e8">
<p>
<rref from="http://www.legislation.gov.uk/id/uksi/2015/575/regulation/28/3" upTo="http://www.legislation.gov.uk/id/uksi/2015/575/regulation/28/8">Reg. 28(3)-(8)</rref>
omitted (31.12.2020) by virtue of
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407">The Solvency 2 and Insurance (Amendment, etc.) (EU Exit) Regulations 2019 (S.I. 2019/407)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407/regulation/1/2">regs. 1(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407/regulation/9/17/d">9(17)(d)</ref>
(as amended by
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1385">S.I. 2020/1385</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1385/regulation/1/2">regs. 1(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1385/regulation/54/2">54(2)</ref>
)
</p>
</note>
<note class="commentary F" eId="key-aa872ea1bc44183d7a0fb3f63eadfdb6">
<p>
<ref href="http://www.legislation.gov.uk/id/uksi/2015/575/regulation/29">Reg. 29</ref>
omitted (31.12.2020) by virtue of
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407">The Solvency 2 and Insurance (Amendment, etc.) (EU Exit) Regulations 2019 (S.I. 2019/407)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407/regulation/1/2">regs. 1(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407/regulation/9/18">9(18)</ref>
(as amended by
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1385">S.I. 2020/1385</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1385/regulation/1/2">regs. 1(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1385/regulation/54/2">54(2)</ref>
)
</p>
</note>
<note class="commentary F" eId="key-ff4a336187a0a7cb552d1425cf13d565">
<p>
<ref href="http://www.legislation.gov.uk/id/uksi/2015/575/regulation/30">Reg. 30</ref>
omitted (31.12.2020) by virtue of
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407">The Solvency 2 and Insurance (Amendment, etc.) (EU Exit) Regulations 2019 (S.I. 2019/407)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407/regulation/1/2">regs. 1(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407/regulation/9/18">9(18)</ref>
(as amended by
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1385">S.I. 2020/1385</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1385/regulation/1/2">regs. 1(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1385/regulation/54/2">54(2)</ref>
)
</p>
</note>
<note class="commentary F" eId="key-4b1131f8b308b8f87485fe89fa1be1e3">
<p>
<ref href="http://www.legislation.gov.uk/id/uksi/2015/575/regulation/31">Reg. 31</ref>
omitted (31.12.2020) by virtue of
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407">The Solvency 2 and Insurance (Amendment, etc.) (EU Exit) Regulations 2019 (S.I. 2019/407)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407/regulation/1/2">regs. 1(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407/regulation/9/18">9(18)</ref>
(as amended by
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1385">S.I. 2020/1385</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1385/regulation/1/2">regs. 1(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1385/regulation/54/2">54(2)</ref>
)
</p>
</note>
<note class="commentary F" eId="key-e202bf305789fcd5d3b16328aceccf58">
<p>
<ref href="http://www.legislation.gov.uk/id/uksi/2015/575/regulation/32">Reg. 32</ref>
omitted (31.12.2020) by virtue of
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407">The Solvency 2 and Insurance (Amendment, etc.) (EU Exit) Regulations 2019 (S.I. 2019/407)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407/regulation/1/2">regs. 1(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407/regulation/9/18">9(18)</ref>
(as amended by
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1385">S.I. 2020/1385</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1385/regulation/1/2">regs. 1(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1385/regulation/54/2">54(2)</ref>
)
</p>
</note>
<note class="commentary F" eId="key-8f30333922bd02c8b57902b16b84a35b">
<p>
<ref href="http://www.legislation.gov.uk/id/uksi/2015/575/regulation/33">Reg. 33</ref>
omitted (31.12.2020) by virtue of
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407">The Solvency 2 and Insurance (Amendment, etc.) (EU Exit) Regulations 2019 (S.I. 2019/407)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407/regulation/1/2">regs. 1(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407/regulation/9/18">9(18)</ref>
(as amended by
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1385">S.I. 2020/1385</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1385/regulation/1/2">regs. 1(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1385/regulation/54/2">54(2)</ref>
)
</p>
</note>
<note class="commentary F" eId="key-aa43c9e5848bacb88a3f2646ef2d15fa">
<p>
<ref href="http://www.legislation.gov.uk/id/uksi/2015/575/regulation/34">Reg. 34</ref>
omitted (31.12.2020) by virtue of
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407">The Solvency 2 and Insurance (Amendment, etc.) (EU Exit) Regulations 2019 (S.I. 2019/407)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407/regulation/1/2">regs. 1(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407/regulation/9/18">9(18)</ref>
(as amended by
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1385">S.I. 2020/1385</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1385/regulation/1/2">regs. 1(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1385/regulation/54/2">54(2)</ref>
)
</p>
</note>
<note class="commentary F" eId="key-8becb96ebbe1416e2c086fd3da9adc35">
<p>
Reg. 35 substituted (31.12.2020) by
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407">The Solvency 2 and Insurance (Amendment, etc.) (EU Exit) Regulations 2019 (S.I. 2019/407)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407/regulation/1/2">regs. 1(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407/regulation/9/19">9(19)</ref>
(as amended by
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1385">S.I. 2020/1385</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1385/regulation/1/2">regs. 1(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1385/regulation/54/2">54(2)</ref>
and
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301">S.I. 2020/1301</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301/regulation/1">regs. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301/regulation/3">3</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301/schedule/paragraph/27/c/iii">Sch. para. 27(c)(iii)</ref>
)
</p>
</note>
<note class="commentary F" eId="key-22f8c1d1ffe9dffb620dc0904a1c270e">
<p>
Reg. 36 substituted (31.12.2020) by
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407">The Solvency 2 and Insurance (Amendment, etc.) (EU Exit) Regulations 2019 (S.I. 2019/407)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407/regulation/1/2">regs. 1(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407/regulation/9/21">9(21)</ref>
(as amended by
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1385">S.I. 2020/1385</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1385/regulation/1/2">regs. 1(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1385/regulation/54/2">54(2)</ref>
and
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301">S.I. 2020/1301</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301/regulation/1">regs. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301/regulation/3">3</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301/schedule/paragraph/27/c/iv">Sch. para. 27(c)(iv)</ref>
)
</p>
</note>
<note class="commentary F" eId="key-128611c6b2019b04a5e449bea8222146">
<p>
<ref href="http://www.legislation.gov.uk/id/uksi/2015/575/regulation/37/3">Reg. 37(3)</ref>
inserted (31.12.2020) by
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407">The Solvency 2 and Insurance (Amendment, etc.) (EU Exit) Regulations 2019 (S.I. 2019/407)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407/regulation/1/2">regs. 1(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407/regulation/9/23">9(23)</ref>
(as amended by
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1385">S.I. 2020/1385</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1385/regulation/1/2">regs. 1(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1385/regulation/54/2">54(2)</ref>
)
</p>
</note>
<note class="commentary F" eId="key-1f7bc201e3e668bf2e35f6eaa414210a">
<p>
Words in reg. 10 Table 1 substituted (31.12.2020) by
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407">S.I. 2019/407</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407/regulation/9/3/b/i/aa">reg. 9(3)(b)(i)(aa)</ref>
(as substituted by
<ref href="http://www.legislation.gov.uk/id/uksi/2019/680">The Gibraltar (Miscellaneous Amendments) (EU Exit) Regulations 2019 (S.I. 2019/680)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/680/regulation/1/3">regs. 1(3)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/680/regulation/10/4/c/i">10(4)(c)(i)</ref>
(with
<ref href="http://www.legislation.gov.uk/id/uksi/2019/680/regulation/11">reg. 11</ref>
) (as amended by
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301">S.I. 2020/1301</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301/regulation/1">regs. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301/regulation/3">3</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301/schedule/paragraph/40/f">Sch. para. 40(f)</ref>
);
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1">2020 c. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1">Sch. 5 para. 1(1)</ref>
)
</p>
</note>
<note class="commentary F" eId="key-484e67797c4610f2d5c8053c47f7d04d">
<p>
Words in reg. 10 Table 1 substituted (31.12.2020) by
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407">S.I. 2019/407</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407/regulation/9/3/b/i/bb">reg. 9(3)(b)(i)(bb)</ref>
(as substituted by
<ref href="http://www.legislation.gov.uk/id/uksi/2019/680">The Gibraltar (Miscellaneous Amendments) (EU Exit) Regulations 2019 (S.I. 2019/680)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/680/regulation/1/3">regs. 1(3)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/680/regulation/10/4/c/i">10(4)(c)(i)</ref>
(with
<ref href="http://www.legislation.gov.uk/id/uksi/2019/680/regulation/11">reg. 11</ref>
) (as amended by
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301">S.I. 2020/1301</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301/regulation/1">regs. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301/regulation/3">3</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301/schedule/paragraph/40/f">Sch. para. 40(f)</ref>
);
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1">2020 c. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1">Sch. 5 para. 1(1)</ref>
)
</p>
</note>
<note class="commentary F" eId="key-6277c59de5854dbf0640754e3d45789f">
<p>
Words in reg. 10 Table 1 inserted (31.12.2020) by
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407">S.I. 2019/407</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407/regulation/9/3/b/i/cc">reg. 9(3)(b)(i)(cc)</ref>
(as substituted by
<ref href="http://www.legislation.gov.uk/id/uksi/2019/680">The Gibraltar (Miscellaneous Amendments) (EU Exit) Regulations 2019 (S.I. 2019/680)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/680/regulation/1/3">regs. 1(3)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/680/regulation/10/4/c/i">10(4)(c)(i)</ref>
(with
<ref href="http://www.legislation.gov.uk/id/uksi/2019/680/regulation/11">reg. 11</ref>
) (as amended by
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301">S.I. 2020/1301</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301/regulation/1">regs. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301/regulation/3">3</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301/schedule/paragraph/40/f">Sch. para. 40(f)</ref>
);
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1">2020 c. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1">Sch. 5 para. 1(1)</ref>
)
</p>
</note>
<note class="commentary F" eId="key-b09ee7bf7f1f6ce7c89739add25a6a0a">
<p>
Words in reg. 10 Table 1 substituted (31.12.2020) by
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407">S.I. 2019/407</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407/regulation/9/3/c">reg. 9(3)(c)</ref>
(as substituted by
<ref href="http://www.legislation.gov.uk/id/uksi/2019/680">The Gibraltar (Miscellaneous Amendments) (EU Exit) Regulations 2019 (S.I. 2019/680)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/680/regulation/1/3">regs. 1(3)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/680/regulation/10/4/c/ii">10(4)(c)(ii)</ref>
(with
<ref href="http://www.legislation.gov.uk/id/uksi/2019/680/regulation/11">reg. 11</ref>
) (as amended by
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301">S.I. 2020/1301</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301/regulation/1">regs. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301/regulation/3">3</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301/schedule/paragraph/40/f">Sch. para. 40(f)</ref>
);
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1">2020 c. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1">Sch. 5 para. 1(1)</ref>
)
</p>
</note>
<note class="commentary F" eId="key-eb698b02638c4386799e685dfb9067ff">
<p>
Words in reg. 10 Table 1 inserted (31.12.2020) by
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407">S.I. 2019/407</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407/regulation/9/3/c">reg. 9(3)(c)</ref>
(as substituted by
<ref href="http://www.legislation.gov.uk/id/uksi/2019/680">The Gibraltar (Miscellaneous Amendments) (EU Exit) Regulations 2019 (S.I. 2019/680)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/680/regulation/1/3">regs. 1(3)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/680/regulation/10/4/c/ii">10(4)(c)(ii)</ref>
(with
<ref href="http://www.legislation.gov.uk/id/uksi/2019/680/regulation/11">reg. 11</ref>
) (as amended by
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301">S.I. 2020/1301</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301/regulation/1">regs. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301/regulation/3">3</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301/schedule/paragraph/40/e/ii/aa/f">Sch. para. 40(e)(ii)(aa)(f)</ref>
);
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1">2020 c. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1">Sch. 5 para. 1(1)</ref>
)
</p>
</note>
<note class="commentary F" eId="M_F_d1eafb68-20d5-44e8-9866-8210516cb1f6">
<p>
Reg. 19A inserted by
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407">S.I. 2019/407</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/407/regulation/9/10A">reg. 9(10A)</ref>
(as inserted) by
<ref href="http://www.legislation.gov.uk/id/uksi/2019/680">The Gibraltar (Miscellaneous Amendments) (EU Exit) Regulations 2019 (S.I. 2019/680)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/680/regulation/1/3">regs. 1(3)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/680/regulation/10/4/k">10(4)(k)</ref>
(with
<ref href="http://www.legislation.gov.uk/id/uksi/2019/680/regulation/11">reg. 11</ref>
) (as amended by
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301">S.I. 2020/1301</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301/regulation/1">regs. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301/regulation/3">3</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301/schedule/paragraph/40/f">Sch. para. 40(f)</ref>
);
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1">2020 c. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1">Sch. 5 para. 1(1)</ref>
)
</p>
</note>
<note class="commentary F" eId="key-b6520ed61cf27edacf097a8a11a54064">
<p>
<ref href="http://www.legislation.gov.uk/id/uksi/2015/575/regulation/11/5">Reg. 11(5)</ref>
omitted (1.1.2022) by virtue of
<ref href="http://www.legislation.gov.uk/id/uksi/2021/1376">The Financial Services Act 2021 (Prudential Regulation of Credit Institutions and Investment Firms) (Consequential Amendments and Miscellaneous Provisions) Regulations 2021 (S.I. 2021/1376)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2021/1376/regulation/1/3">regs. 1(3)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2021/1376/regulation/20">20</ref>
</p>
</note>
<note class="commentary F" eId="key-67a0da5efb50adfac798465da6f41dbd">
<p>
<rref from="http://www.legislation.gov.uk/id/uksi/2015/575/regulation/24/4" upTo="http://www.legislation.gov.uk/id/uksi/2015/575/regulation/24/6">Reg. 24(4)-(6)</rref>
inserted (24.1.2022) by
<ref href="http://www.legislation.gov.uk/id/uksi/2021/1408">The Solvency 2 (Group Supervision) (Amendment) Regulations 2021 (S.I. 2021/1408)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2021/1408/regulation/1">regs. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2021/1408/regulation/2/2/b">2(2)(b)</ref>
</p>
</note>
<note class="commentary F" eId="key-3c5c62a2f46b458903664a305e9ba34c">
<p>
Words in
<ref href="http://www.legislation.gov.uk/id/uksi/2015/575/regulation/24/1">reg. 24(1)</ref>
substituted (24.1.2022) by
<ref href="http://www.legislation.gov.uk/id/uksi/2021/1408">The Solvency 2 (Group Supervision) (Amendment) Regulations 2021 (S.I. 2021/1408)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2021/1408/regulation/1">regs. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2021/1408/regulation/2/2/a">2(2)(a)</ref>
</p>
</note>
<note class="commentary F" eId="key-2eb9297ad1e08055837fb0320b9b332b">
<p>
<ref href="http://www.legislation.gov.uk/id/uksi/2015/575/regulation/25">Reg. 25</ref>
substituted (24.1.2022) by
<ref href="http://www.legislation.gov.uk/id/uksi/2021/1408">The Solvency 2 (Group Supervision) (Amendment) Regulations 2021 (S.I. 2021/1408)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2021/1408/regulation/1">regs. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2021/1408/regulation/2/3">2(3)</ref>
</p>
</note>
<note class="commentary F" eId="key-dc35cf64f9f7b85e0d6b34a8b285a283">
<p>
<ref href="http://www.legislation.gov.uk/id/uksi/2015/575/regulation/26/3">Reg. 26(3)</ref>
inserted (24.1.2022) by
<ref href="http://www.legislation.gov.uk/id/uksi/2021/1408">The Solvency 2 (Group Supervision) (Amendment) Regulations 2021 (S.I. 2021/1408)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2021/1408/regulation/1">regs. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2021/1408/regulation/2/4/b">2(4)(b)</ref>
</p>
</note>
<note class="commentary F" eId="key-2316d431639bec40d795f86441b4bfad">
<p>
Words in
<ref href="http://www.legislation.gov.uk/id/uksi/2015/575/regulation/26/1">reg. 26(1)</ref>
substituted (24.1.2022) by
<ref href="http://www.legislation.gov.uk/id/uksi/2021/1408">The Solvency 2 (Group Supervision) (Amendment) Regulations 2021 (S.I. 2021/1408)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2021/1408/regulation/1">regs. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2021/1408/regulation/2/4/a">2(4)(a)</ref>
</p>
</note>
<note class="commentary F" eId="key-9d5ca722295aa342584d05ff20f5dc16">
<p>
<rref from="http://www.legislation.gov.uk/id/uksi/2015/575/regulation/28/3" upTo="http://www.legislation.gov.uk/id/uksi/2015/575/regulation/28/5">Reg. 28(3)-(5)</rref>
inserted (24.1.2022) by
<ref href="http://www.legislation.gov.uk/id/uksi/2021/1408">The Solvency 2 (Group Supervision) (Amendment) Regulations 2021 (S.I. 2021/1408)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2021/1408/regulation/1">regs. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2021/1408/regulation/2/5/b">2(5)(b)</ref>
</p>
</note>
<note class="commentary F" eId="key-798cd3dc096da1897e3551eb69c2c0f9">
<p>
Words in
<ref href="http://www.legislation.gov.uk/id/uksi/2015/575/regulation/28/1">reg. 28(1)</ref>
substituted (24.1.2022) by
<ref href="http://www.legislation.gov.uk/id/uksi/2021/1408">The Solvency 2 (Group Supervision) (Amendment) Regulations 2021 (S.I. 2021/1408)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2021/1408/regulation/1">regs. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2021/1408/regulation/2/5/a">2(5)(a)</ref>
</p>
</note>
</notes>
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<dc:title>The Solvency 2 Regulations 2015</dc:title>
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<dc:subject scheme="SIheading">FINANCIAL SERVICES AND MARKETS</dc:subject>
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<dc:contributor>Expert Participation</dc:contributor>
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<dc:description>The Regulations implement in part Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 on the taking-up and pursuit of the business of insurance and reinsurance (Solvency II) (OJ L335, 17.12.2009, p.1) (the “Solvency 2 Directive”). The remainder of the Solvency 2 Directive is implemented by the Financial Services and Markets Act 2000 (c. 8) (“FSMA”), rules and individually binding requirement imposed by the Prudential Regulation Authority (“PRA”) and the Financial Conduct Authority (“FCA”) under FSMA and a directly applicable regulation made by the European Commission.</dc:description>
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<part eId="part-3" period="#period4">
<num>
<strong>PART 3</strong>
</num>
<heading>Groups</heading>
<chapter eId="part-3-chapter-1" period="#period3">
<num>CHAPTER 1</num>
<heading>Cases of application and scope</heading>
<hcontainer name="regulation" eId="regulation-10" period="#period2">
<num>10</num>
<heading>Risk concentration and intra-group transactions</heading>
<content>
<p>
Where the PRA is the group supervisor
<ins class="substitution key-7b72c94381c448571b3f07823335c082-1651661000887 first last">
<noteRef href="#key-7b72c94381c448571b3f07823335c082" marker="F2" class="commentary attribute F"/>
of a type of group referred to in regulation 9A(a) or (b)
</ins>
, the PRA may decide not to supervise risk concentration or intra-group transactions within the group at a level specified in the first column of Table 1 where all the conditions specified in relation to that level in the second column of Table 1 are satisfied.
</p>
<tblock class="tabular">
<num>Table 1</num>
<table style="table-layout:fixed">
<tr>
<th style="width:50%">
<p>
<em>Levels at which supervision need not be exercised</em>
</p>
</th>
<th colspan="2" style="width:8%">
<p>
<em>Conditions to be satisfied</em>
</p>
</th>
</tr>
<tr>
<td rowspan="5">
<p>The participating undertaking, insurance holding company and mixed financial holding company.</p>
</td>
<td colspan="2">
<p>The group contains an insurance undertaking or reinsurance undertaking and either—</p>
</td>
</tr>
<tr>
<td>
<p/>
</td>
<td>
<p>
(a) the parent undertaking of the
<ins class="substitution key-1f7bc201e3e668bf2e35f6eaa414210a-1655387064097 first last">
<noteRef href="#key-1f7bc201e3e668bf2e35f6eaa414210a" marker="F68" class="commentary attribute F"/>
insurance undertaking, Gibraltarian insurance undertaking, reinsurance undertaking or Gibraltarian reinsurance undertaking
</ins>
is an insurance holding company or a mixed financial holding company which has its head office in
<ins class="substitution key-484e67797c4610f2d5c8053c47f7d04d-1655387130689 first last">
<noteRef href="#key-484e67797c4610f2d5c8053c47f7d04d" marker="F69" class="commentary attribute F"/>
the United Kingdom or Gibraltar
</ins>
; or
</p>
</td>
</tr>
<tr>
<td>
<p/>
</td>
<td>
<p>
(b) the
<ins class="substitution key-1f7bc201e3e668bf2e35f6eaa414210a-1655387095818 first last">
<noteRef href="#key-1f7bc201e3e668bf2e35f6eaa414210a" marker="F68" class="commentary attribute F"/>
insurance undertaking, Gibraltarian insurance undertaking, reinsurance undertaking or Gibraltarian reinsurance undertaking
</ins>
is a participating undertaking in at least one insurance undertaking, reinsurance undertaking,
<ins class="key-6277c59de5854dbf0640754e3d45789f-1655387342361 first last">
<noteRef href="#key-6277c59de5854dbf0640754e3d45789f" marker="F70" class="commentary attribute F"/>
Gibraltarian insurance undertaking, Gibraltarian reinsurance undertaking,
</ins>
third-country insurance undertaking or third-country reinsurance undertaking;
</p>
</td>
</tr>
<tr>
<td colspan="2">
<p>
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
<ins class="key-6721eb085d76f57dc92bf05b07b355b0-1651661051986 first last">
<noteRef href="#key-6721eb085d76f57dc92bf05b07b355b0" marker="F3" class="commentary attribute F"/>
by the FCA, where the FCA is the supplementary supervisor, or the PRA
</ins>
in accordance with
<ins class="key-e116e23bebdd1758ce9c6878ae5f2fdc-1651661093256 first last">
<noteRef href="#key-e116e23bebdd1758ce9c6878ae5f2fdc" marker="F4" class="commentary attribute F"/>
the United Kingdom law which implemented
</ins>
Article 5(2) of the Financial Conglomerates Directive.
</p>
</td>
</tr>
<tr>
<td colspan="2">
<p>
The PRA has consulted the
<ins class="substitution key-63e13b7137cd7f5afc62c04d3b9965e1-1651661151107 first last">
<noteRef href="#key-63e13b7137cd7f5afc62c04d3b9965e1" marker="F5" class="commentary attribute F"/>
FCA
</ins>
.
</p>
</td>
</tr>
<tr>
<td>
<p>
The ultimate
<ins class="substitution key-b09ee7bf7f1f6ce7c89739add25a6a0a-1655387428168 first last">
<noteRef href="#key-b09ee7bf7f1f6ce7c89739add25a6a0a" marker="F71" class="commentary attribute F"/>
UK solvency 2 parent
</ins>
.
</p>
</td>
<td colspan="2">
<p>
The parent undertaking of an ultimate
<ins class="substitution key-b09ee7bf7f1f6ce7c89739add25a6a0a-1655387483905 first last">
<noteRef href="#key-b09ee7bf7f1f6ce7c89739add25a6a0a" marker="F71" class="commentary attribute F"/>
UK solvency 2 parent
</ins>
is subject to supplementary supervision in accordance with
<ins class="key-eb698b02638c4386799e685dfb9067ff-1655387508004 first last">
<noteRef href="#key-eb698b02638c4386799e685dfb9067ff" marker="F72" class="commentary attribute F"/>
the law of the United Kingdom or of Gibraltar which was relied on by the United Kingdom or Gibraltar respectively immediately before IP completion day to implement
</ins>
Article 5(2) of the Financial Conglomerates Directive.
</p>
</td>
</tr>
</table>
</tblock>
</content>
</hcontainer>
<hcontainer name="regulation" eId="regulation-11" period="#period3">
<num>11</num>
<heading>Equivalent provisions</heading>
<paragraph eId="regulation-11-1">
<num>1</num>
<content>
<p>This regulation applies where the PRA is the group supervisor of a group which includes a mixed financial holding company.</p>
</content>
</paragraph>
<paragraph eId="regulation-11-2">
<num>
<ins class="substitution key-a276788346789cbc91a64bad6b5d8808-1651663488545 first">
<noteRef href="#key-a276788346789cbc91a64bad6b5d8808" marker="F6" class="commentary attribute F"/>
2
</ins>
</num>
<content>
<p>
<ins class="substitution key-a276788346789cbc91a64bad6b5d8808-1651663488545 last">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.</ins>
</p>
</content>
</paragraph>
<paragraph eId="regulation-11-3">
<num>3</num>
<content>
<p>
Before exercising its discretion under paragraph (2), the PRA must consult the
<ins class="substitution key-845ebba0b2abb348dc59949c241991c3-1651663520805 first last">
<noteRef href="#key-845ebba0b2abb348dc59949c241991c3" marker="F7" class="commentary attribute F"/>
FCA, where there is a firm in the group that is authorised and regulated by the FCA
</ins>
.
</p>
</content>
</paragraph>
<paragraph eId="regulation-11-4">
<num>
<ins class="substitution key-0df5a20ad3c6a0bc02986fac3bfde5fa-1651663544985 first">
<noteRef href="#key-0df5a20ad3c6a0bc02986fac3bfde5fa" marker="F8" class="commentary attribute F"/>
4
</ins>
</num>
<intro>
<p>
<ins class="substitution key-0df5a20ad3c6a0bc02986fac3bfde5fa-1651663544985">Where the mixed financial holding company is subject to equivalent provisions under the United Kingdom law which implemented the following two sets of legislation—</ins>
</p>
</intro>
<subparagraph eId="regulation-11-4-a">
<num>
<ins class="substitution key-0df5a20ad3c6a0bc02986fac3bfde5fa-1651663544985">a</ins>
</num>
<content>
<p>
<ins class="substitution key-0df5a20ad3c6a0bc02986fac3bfde5fa-1651663544985">the Solvency 2 Directive, and</ins>
</p>
</content>
</subparagraph>
<subparagraph eId="regulation-11-4-b">
<num>
<ins class="substitution key-0df5a20ad3c6a0bc02986fac3bfde5fa-1651663544985">b</ins>
</num>
<content>
<p>
<ins class="substitution key-0df5a20ad3c6a0bc02986fac3bfde5fa-1651663544985">the capital requirements directive and the capital requirements regulation,</ins>
</p>
</content>
</subparagraph>
<wrapUp>
<p>
<ins class="substitution key-0df5a20ad3c6a0bc02986fac3bfde5fa-1651663544985 last">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.</ins>
</p>
</wrapUp>
</paragraph>
<paragraph eId="regulation-11-5">
<num>
<noteRef href="#key-b6520ed61cf27edacf097a8a11a54064" marker="F74" class="commentary F"/>
5
</num>
<content>
<p>. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .</p>
</content>
</paragraph>
</hcontainer>
<hcontainer name="regulation" eId="regulation-12" period="#period2">
<num>
<noteRef href="#key-19a990b74df8be639d54d8b092a3a67e" marker="F9" class="commentary F"/>
12
</num>
<heading>Exclusion of undertaking from group supervision</heading>
<content>
<p>. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .</p>
</content>
</hcontainer>
</chapter>
<chapter eId="part-3-chapter-2" period="#period2">
<num>CHAPTER 2</num>
<heading>Levels</heading>
<hcontainer name="regulation" eId="regulation-13" period="#period2">
<num>
<ins class="substitution key-5528fa2d87114d36e8de488128cd0dc0-1651664027215 first">
<noteRef href="#key-5528fa2d87114d36e8de488128cd0dc0" marker="F10" class="commentary attribute F"/>
13
</ins>
</num>
<heading>Supervision of parents and subgroups at national level: substantive powers</heading>
<intro>
<p>
<ins class="substitution key-5528fa2d87114d36e8de488128cd0dc0-1651664027215">The PRA may supervise an ultimate UK solvency 2 parent at group level in the United Kingdom where—</ins>
</p>
</intro>
<subparagraph eId="regulation-13-a">
<num>
<ins class="substitution key-5528fa2d87114d36e8de488128cd0dc0-1651664027215">a</ins>
</num>
<content>
<p>
<ins class="substitution key-5528fa2d87114d36e8de488128cd0dc0-1651664027215">the ultimate UK solvency 2 parent has its head office in Gibraltar; and</ins>
</p>
</content>
</subparagraph>
<subparagraph eId="regulation-13-b">
<num>
<ins class="substitution key-5528fa2d87114d36e8de488128cd0dc0-1651664027215">b</ins>
</num>
<content>
<p>
<ins class="substitution key-5528fa2d87114d36e8de488128cd0dc0-1651664027215 last">the PRA is not the group supervisor.</ins>
</p>
</content>
</subparagraph>
</hcontainer>
<hcontainer name="regulation" eId="regulation-14" period="#period2">
<num>
<ins class="substitution key-9592a80a9a7020ee30369ae64dadb35a-1651664187648 first">
<noteRef href="#key-9592a80a9a7020ee30369ae64dadb35a" marker="F11" class="commentary attribute F"/>
14
</ins>
</num>
<heading>Supervision of parents and subgroups at national level: procedure</heading>
<paragraph eId="regulation-14-1">
<num>
<ins class="substitution key-9592a80a9a7020ee30369ae64dadb35a-1651664187648">1</ins>
</num>
<content>
<p>
<ins class="substitution key-9592a80a9a7020ee30369ae64dadb35a-1651664187648">The PRA must follow the procedure set out in this regulation when supervising an ultimate UK solvency 2 parent under regulation 13(1).</ins>
</p>
</content>
</paragraph>
<paragraph eId="regulation-14-2">
<num>
<ins class="substitution key-9592a80a9a7020ee30369ae64dadb35a-1651664187648">2</ins>
</num>
<content>
<p>
<ins class="substitution key-9592a80a9a7020ee30369ae64dadb35a-1651664187648">Before deciding to exercise supervision, the PRA must consult the FSC and the ultimate UK solvency 2 parent.</ins>
</p>
</content>
</paragraph>
<paragraph eId="regulation-14-3">
<num>
<ins class="substitution key-9592a80a9a7020ee30369ae64dadb35a-1651664187648">3</ins>
</num>
<content>
<p>
<ins class="substitution key-9592a80a9a7020ee30369ae64dadb35a-1651664187648">If the PRA decides to exercise supervision, the PRA must explain its decision to both the FSC and the ultimate UK solvency 2 parent.</ins>
</p>
</content>
</paragraph>
<paragraph eId="regulation-14-4">
<num>
<ins class="substitution key-9592a80a9a7020ee30369ae64dadb35a-1651664187648">4</ins>
</num>
<content>
<p>
<ins class="substitution key-9592a80a9a7020ee30369ae64dadb35a-1651664187648 last">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.</ins>
</p>
</content>
</paragraph>
</hcontainer>
</chapter>
<chapter eId="part-3-chapter-3" period="#period2">
<num>CHAPTER 3</num>
<heading>Group Solvency</heading>
<hcontainer name="regulation" eId="regulation-15" period="#period2">
<num>
<ins class="substitution key-7978b868e7c887cd4692cac36b542496-1651664402846 first">
<noteRef href="#key-7978b868e7c887cd4692cac36b542496" marker="F12" class="commentary attribute F"/>
15
</ins>
</num>
<heading>Supervision of group solvency and frequency of calculation</heading>
<paragraph eId="regulation-15-1">
<num>
<ins class="substitution key-7978b868e7c887cd4692cac36b542496-1651664402846">1</ins>
</num>
<intro>
<p>
<ins class="substitution key-7978b868e7c887cd4692cac36b542496-1651664402846">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—</ins>
</p>
</intro>
<subparagraph eId="regulation-15-1-a">
<num>
<ins class="substitution key-7978b868e7c887cd4692cac36b542496-1651664402846">a</ins>
</num>
<content>
<p>
<ins class="substitution key-7978b868e7c887cd4692cac36b542496-1651664402846">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,</ins>
</p>
</content>
</subparagraph>
<subparagraph eId="regulation-15-1-b">
<num>
<ins class="substitution key-7978b868e7c887cd4692cac36b542496-1651664402846">b</ins>
</num>
<content>
<p>
<ins class="substitution key-7978b868e7c887cd4692cac36b542496-1651664402846">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</ins>
</p>
</content>
</subparagraph>
<subparagraph eId="regulation-15-1-c">
<num>
<ins class="substitution key-7978b868e7c887cd4692cac36b542496-1651664402846">c</ins>
</num>
<content>
<p>
<ins class="substitution key-7978b868e7c887cd4692cac36b542496-1651664402846">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).</ins>
</p>
</content>
</subparagraph>
</paragraph>
<paragraph eId="regulation-15-2">
<num>
<ins class="substitution key-7978b868e7c887cd4692cac36b542496-1651664402846">2</ins>
</num>
<intro>
<p>
<ins class="substitution key-7978b868e7c887cd4692cac36b542496-1651664402846">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)—</ins>
</p>
</intro>
<subparagraph eId="regulation-15-2-a">
<num>
<ins class="substitution key-7978b868e7c887cd4692cac36b542496-1651664402846">a</ins>
</num>
<content>
<p>
<ins class="substitution key-7978b868e7c887cd4692cac36b542496-1651664402846">does not apply, or</ins>
</p>
</content>
</subparagraph>
<subparagraph eId="regulation-15-2-b">
<num>
<ins class="substitution key-7978b868e7c887cd4692cac36b542496-1651664402846">b</ins>
</num>
<content>
<p>
<ins class="substitution key-7978b868e7c887cd4692cac36b542496-1651664402846">applies with only such modifications as may be specified in the determination.</ins>
</p>
</content>
</subparagraph>
</paragraph>
<paragraph eId="regulation-15-3">
<num>
<ins class="substitution key-7978b868e7c887cd4692cac36b542496-1651664402846">3</ins>
</num>
<intro>
<p>
<ins class="substitution key-7978b868e7c887cd4692cac36b542496-1651664402846">The PRA may not give a determination under paragraph (2) unless it is satisfied that—</ins>
</p>
</intro>
<subparagraph eId="regulation-15-3-a">
<num>
<ins class="substitution key-7978b868e7c887cd4692cac36b542496-1651664402846">a</ins>
</num>
<content>
<p>
<ins class="substitution key-7978b868e7c887cd4692cac36b542496-1651664402846">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</ins>
</p>
</content>
</subparagraph>
<subparagraph eId="regulation-15-3-b">
<num>
<ins class="substitution key-7978b868e7c887cd4692cac36b542496-1651664402846">b</ins>
</num>
<content>
<p>
<ins class="substitution key-7978b868e7c887cd4692cac36b542496-1651664402846">the determination would not adversely affect the advancement of any of the PRA's objectives.</ins>
</p>
</content>
</subparagraph>
</paragraph>
<paragraph eId="regulation-15-4">
<num>
<ins class="substitution key-7978b868e7c887cd4692cac36b542496-1651664402846">4</ins>
</num>
<content>
<p>
<ins class="substitution key-7978b868e7c887cd4692cac36b542496-1651664402846 last">The PRA may revoke or vary a determination given under paragraph (2).</ins>
</p>
</content>
</paragraph>
</hcontainer>
<hcontainer name="regulation" eId="regulation-16" period="#period2">
<num>16</num>
<heading>Choice of method</heading>
<paragraph eId="regulation-16-1">
<num>1</num>
<content>
<p>
Where the PRA is the group supervisor of a group, the PRA must consult the group
<ins class="substitution key-6bcd34b184d8163316266f9a5437c4a1-1651666455792 first last">
<noteRef href="#key-6bcd34b184d8163316266f9a5437c4a1" marker="F13" class="commentary attribute F"/>
and the FSC, if the FSC is
</ins>
concerned in the supervision of the group before requiring the group to use method 2, or a combination of method 1 and method 2, for the calculation of solvency at a group level.
</p>
</content>
</paragraph>
<paragraph eId="regulation-16-2">
<num>2</num>
<intro>
<p>
Where the PRA is not the group supervisor, the PRA must apply the method chosen by the group supervisor for the ultimate
<ins class="substitution key-a79d9e63f275df7e25a46891ecb8ceaf-1651666701362 first last">
<noteRef href="#key-a79d9e63f275df7e25a46891ecb8ceaf" marker="F14" class="commentary attribute F"/>
UK
</ins>
solvency 2 parent in relation to—
</p>
</intro>
<subparagraph eId="regulation-16-2-a">
<num>a</num>
<content>
<p>group supervision at a national level in accordance with regulation 13(1); and</p>
</content>
</subparagraph>
<subparagraph eId="regulation-16-2-b">
<num>
<noteRef href="#key-ae5c9d041343cb83fd53e1053967919b" marker="F15" class="commentary F"/>
b
</num>
<content>
<p>. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .</p>
</content>
</subparagraph>
</paragraph>
</hcontainer>
<hcontainer name="regulation" eId="regulation-17" period="#period2">
<num>17</num>
<heading>Inclusion of proportional share</heading>
<paragraph eId="regulation-17-1">
<num>1</num>
<content>
<p>
In this regulation, “
<term refersTo="#term-proportional-share">proportional share</term>
” means the proportional share held by a participating undertaking in its related undertakings.
</p>
</content>
</paragraph>
<paragraph eId="regulation-17-2">
<num>2</num>
<intro>
<p>The PRA must determine the proportional share which must be taken into account in the calculation of group solvency where—</p>
</intro>
<subparagraph eId="regulation-17-2-a">
<num>a</num>
<content>
<p>the PRA is the group supervisor of a group; and</p>
</content>
</subparagraph>
<subparagraph eId="regulation-17-2-b">
<num>b</num>
<intro>
<p>any of the following applies—</p>
</intro>
<clause eId="regulation-17-2-b-i">
<num>i</num>
<content>
<p>there are no capital ties between any of the undertakings in a group;</p>
</content>
</clause>
<clause eId="regulation-17-2-b-ii">
<num>ii</num>
<content>
<p>
<ins class="substitution key-3b6a693f3ae120598d983e7ffdd743be-1651667113083 first last">
<noteRef href="#key-3b6a693f3ae120598d983e7ffdd743be" marker="F17" class="commentary attribute F"/>
the PRA (or, if paragraph (5) applies, the FSC)
</ins>
has determined that the direct or indirect holding of voting rights or capital in an undertaking qualifies as a participation because the holding means that a significant influence is effectively exercised over that undertaking;
</p>
</content>
</clause>
<clause eId="regulation-17-2-b-iii">
<num>iii</num>
<content>
<p>
<ins class="substitution key-a10dd4d776c9febf77cb0e2a0cad1f03-1651667317225 first last">
<noteRef href="#key-a10dd4d776c9febf77cb0e2a0cad1f03" marker="F18" class="commentary attribute F"/>
the PRA (or, if paragraph (5) applies, the FSC)
</ins>
has determined that an undertaking is a parent undertaking because the undertaking effectively exercises a dominant influence over the other undertaking.
</p>
</content>
</clause>
</subparagraph>
</paragraph>
<paragraph eId="regulation-17-3">
<num>3</num>
<content>
<p>
Before determining the proportional share, the PRA must consult the undertakings in the group
<ins class="substitution key-6d098998c87ed1429666312b14b42fca-1651667464925 first last">
<noteRef href="#key-6d098998c87ed1429666312b14b42fca" marker="F19" class="commentary attribute F"/>
and, if paragraph (5) applies, the FSC
</ins>
.
</p>
</content>
</paragraph>
<paragraph eId="regulation-17-4">
<num>
<ins class="key-5655031fa4c72772798d437ad37a61a7-1651667012002 first">
<noteRef href="#key-5655031fa4c72772798d437ad37a61a7" marker="F16" class="commentary attribute F"/>
4
</ins>
</num>
<content>
<p>
<ins class="key-5655031fa4c72772798d437ad37a61a7-1651667012002">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.</ins>
</p>
</content>
</paragraph>
<paragraph eId="regulation-17-5">
<num>
<ins class="key-5655031fa4c72772798d437ad37a61a7-1651667012002">5</ins>
</num>
<intro>
<p>
<ins class="key-5655031fa4c72772798d437ad37a61a7-1651667012002">This paragraph applies if—</ins>
</p>
</intro>
<subparagraph eId="regulation-17-5-a">
<num>
<ins class="key-5655031fa4c72772798d437ad37a61a7-1651667012002">a</ins>
</num>
<content>
<p>
<ins class="key-5655031fa4c72772798d437ad37a61a7-1651667012002">the FSC is concerned in the supervision of the group; or</ins>
</p>
</content>
</subparagraph>
<subparagraph eId="regulation-17-5-b">
<num>
<ins class="key-5655031fa4c72772798d437ad37a61a7-1651667012002">b</ins>
</num>
<content>
<p>
<ins class="key-5655031fa4c72772798d437ad37a61a7-1651667012002 last">the group contains a Gibraltarian insurance undertaking or a Gibraltarian reinsurance undertaking.</ins>
</p>
</content>
</subparagraph>
</paragraph>
</hcontainer>
<hcontainer name="regulation" eId="regulation-18" period="#period2">
<num>18</num>
<heading>Related undertakings: calculation of group solvency</heading>
<paragraph eId="regulation-18-1">
<num>1</num>
<intro>
<p>This regulation applies where—</p>
</intro>
<subparagraph eId="regulation-18-1-a">
<num>a</num>
<content>
<p>the PRA is the group supervisor of a group;</p>
</content>
</subparagraph>
<subparagraph eId="regulation-18-1-b">
<num>b</num>
<content>
<p>
the group contains at least three insurance undertakings, reinsurance undertakings
<ins class="key-5b96621c6111dc0d5e35457c69e964c0-1651668220424 first last">
<noteRef href="#key-5b96621c6111dc0d5e35457c69e964c0" marker="F20" class="commentary attribute F"/>
Gibraltarian insurance undertakings, Gibraltarian reinsurance undertakings
</ins>
, insurance holding companies or mixed financial holding companies (“A”, “B” and “C”);
</p>
</content>
</subparagraph>
<subparagraph eId="regulation-18-1-c">
<num>c</num>
<content>
<p>A and B are related undertakings;</p>
</content>
</subparagraph>
<subparagraph eId="regulation-18-1-d">
<num>d</num>
<content>
<p>A and C are related undertakings; and</p>
</content>
</subparagraph>
<subparagraph eId="regulation-18-1-e">
<num>e</num>
<content>
<p>
either B or C has its head office in
<ins class="substitution key-ffeebf75924597c35d0f548178e1df04-1651668289615 first last">
<noteRef href="#key-ffeebf75924597c35d0f548178e1df04" marker="F21" class="commentary attribute F"/>
Gibraltar
</ins>
.
</p>
</content>
</subparagraph>
</paragraph>
<paragraph eId="regulation-18-2">
<num>2</num>
<intro>
<p>Except where paragraph (3) applies, the PRA must permit the group, in the calculation of group solvency, to take into account national laws which—</p>
</intro>
<subparagraph eId="regulation-18-2-a">
<num>a</num>
<content>
<p>
are adopted by
<ins class="substitution key-67a9868f4c870ae846f4be5413bbd610-1651668323785 first last">
<noteRef href="#key-67a9868f4c870ae846f4be5413bbd610" marker="F22" class="commentary attribute F"/>
Gibraltar
</ins>
to implement the solvency capital requirement and the requirements relating to the own funds eligible to satisfy the solvency capital requirement; and
</p>
</content>
</subparagraph>
<subparagraph eId="regulation-18-2-b">
<num>b</num>
<content>
<p>apply to B or C (as the case may be).</p>
</content>
</subparagraph>
</paragraph>
<paragraph eId="regulation-18-3">
<num>3</num>
<intro>
<p>This paragraph applies where—</p>
</intro>
<subparagraph eId="regulation-18-3-a">
<num>a</num>
<content>
<p>there is a significant change to the national laws referred to in paragraph (2); and</p>
</content>
</subparagraph>
<subparagraph eId="regulation-18-3-b">
<num>b</num>
<content>
<p>it is not in the interests of the group's policyholders to take into account the national laws referred to in paragraph (2).</p>
</content>
</subparagraph>
</paragraph>
</hcontainer>
<hcontainer name="regulation" eId="regulation-19" period="#period2">
<num>19</num>
<heading>Participating undertakings: calculation of group solvency</heading>
<paragraph eId="regulation-19-1">
<num>1</num>
<intro>
<p>This regulation applies where—</p>
</intro>
<subparagraph eId="regulation-19-1-a">
<num>a</num>
<content>
<p>the PRA is the group supervisor of a group;</p>
</content>
</subparagraph>
<subparagraph eId="regulation-19-1-b">
<num>b</num>
<content>
<p>
the group contains an insurance undertaking
<ins class="substitution key-4584be8754ac9a0ff615c51233704d2a-1651668580075 first last">
<noteRef href="#key-4584be8754ac9a0ff615c51233704d2a" marker="F25" class="commentary attribute F"/>
, reinsurance undertaking, Gibraltarian insurance undertaking or Gibraltarian reinsurance undertaking
</ins>
<ins class="substitution key-230c20f67d37786f6f91665bc1a58af5-1651668666446 first last">
<noteRef href="#key-230c20f67d37786f6f91665bc1a58af5" marker="F26" class="commentary attribute F"/>
for which the calculation of the group solvency includes
</ins>
a third-country insurance undertaking or third-country reinsurance undertaking; and
</p>
</content>
</subparagraph>
<subparagraph eId="regulation-19-1-c">
<num>c</num>
<content>
<p>
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
<ins class="key-2b642cd278e578e38ff60be4baf3fc6d-1651668825475 first last">
<noteRef href="#key-2b642cd278e578e38ff60be4baf3fc6d" marker="F27" class="commentary attribute F"/>
the United Kingdom law which implemented
</ins>
Chapter 6 of Title 1 of the Solvency 2 Directive.
</p>
</content>
</subparagraph>
</paragraph>
<paragraph eId="regulation-19-2">
<num>2</num>
<intro>
<p>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—</p>
</intro>
<subparagraph eId="regulation-19-2-a">
<num>a</num>
<content>
<p>there has been a significant change to those national laws; and</p>
</content>
</subparagraph>
<subparagraph eId="regulation-19-2-b">
<num>b</num>
<content>
<p>it is not in the interests of the group's policyholders to do so.</p>
</content>
</subparagraph>
</paragraph>
<paragraph eId="regulation-19-2A">
<num>
<ins class="key-717d6ee90599b5bc3467ed89044fd85e-1651668502174 first">
<noteRef href="#key-717d6ee90599b5bc3467ed89044fd85e" marker="F23" class="commentary attribute F"/>
2A
</ins>
</num>
<content>
<p>
<ins class="key-717d6ee90599b5bc3467ed89044fd85e-1651668502174 last">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).</ins>
</p>
</content>
</paragraph>
<paragraph eId="regulation-19-3">
<num>
<ins class="substitution key-b9544c8b0480f492894abf301fffd582-1651669070296 first">
<noteRef href="#key-b9544c8b0480f492894abf301fffd582" marker="F28" class="commentary attribute F"/>
3
</ins>
</num>
<intro>
<p>
<ins class="substitution key-b9544c8b0480f492894abf301fffd582-1651669070296">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—</ins>
</p>
</intro>
<subparagraph eId="regulation-19-3-a">
<num>
<ins class="substitution key-b9544c8b0480f492894abf301fffd582-1651669070296">a</ins>
</num>
<content>
<p>
<ins class="substitution key-b9544c8b0480f492894abf301fffd582-1651669070296">may on its own initiative, or</ins>
</p>
</content>
</subparagraph>
<subparagraph eId="regulation-19-3-b">
<num>
<ins class="substitution key-b9544c8b0480f492894abf301fffd582-1651669070296">b</ins>
</num>
<content>
<p>
<ins class="substitution key-b9544c8b0480f492894abf301fffd582-1651669070296">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,</ins>
</p>
</content>
</subparagraph>
<wrapUp>
<p>
<ins class="substitution key-b9544c8b0480f492894abf301fffd582-1651669070296 last">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.</ins>
</p>
</wrapUp>
</paragraph>
<paragraph eId="regulation-19-4">
<num>4</num>
<intro>
<p>The PRA must—</p>
</intro>
<subparagraph eId="regulation-19-4-a">
<num>
<noteRef href="#key-ac7f2ad9db06eec47cfc4f0a62a38c24" marker="F29" class="commentary F"/>
a
</num>
<content>
<p>. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .</p>
</content>
</subparagraph>
<subparagraph eId="regulation-19-4-b">
<num>b</num>
<content>
<p>
take the decision in accordance with the criteria set out in
<ins class="substitution key-0eed48995e17c84f982ac8181cd6a596-1651669202746 first last">
<noteRef href="#key-0eed48995e17c84f982ac8181cd6a596" marker="F30" class="commentary attribute F"/>
Article 379 of the Solvency 2 Regulation
</ins>
; and
</p>
</content>
</subparagraph>
<subparagraph eId="regulation-19-4-c">
<num>c</num>
<content>
<p>
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
<ins class="key-59b56c62b93b02fa99b34f72018bc24c-1651669238225 first last">
<noteRef href="#key-59b56c62b93b02fa99b34f72018bc24c" marker="F31" class="commentary attribute F"/>
the United Kingdom law which implemented
</ins>
Chapter 6 of Title 1 to the Solvency 2 Directive or to the solvency regime of the third country.
</p>
</content>
</subparagraph>
</paragraph>
<paragraph eId="regulation-19-5">
<num>
<ins class="key-76df6ee70f92c2ab2bf15ae1629d3fa9-1651668528184 first">
<noteRef href="#key-76df6ee70f92c2ab2bf15ae1629d3fa9" marker="F24" class="commentary attribute F"/>
5
</ins>
</num>
<content>
<p>
<ins class="key-76df6ee70f92c2ab2bf15ae1629d3fa9-1651668528184 last">The PRA must publish and keep up to date on its website a list of all third countries referred to in paragraph (3).</ins>
</p>
</content>
</paragraph>
</hcontainer>
<hcontainer name="regulation" eId="regulation-19A" period="#period2">
<num>
<ins class="M_F_d1eafb68-20d5-44e8-9866-8210516cb1f6-1655391251106">19A</ins>
</num>
<heading>
<ins class="M_F_d1eafb68-20d5-44e8-9866-8210516cb1f6-1655391251106 first">
<noteRef href="#M_F_d1eafb68-20d5-44e8-9866-8210516cb1f6" marker="F73" class="commentary attribute F"/>
Gibraltar undertakings: calculation of group solvency
</ins>
</heading>
<paragraph eId="regulation-19A-1">
<num>
<ins class="M_F_d1eafb68-20d5-44e8-9866-8210516cb1f6-1655391251106">1</ins>
</num>
<intro>
<p>
<ins class="M_F_d1eafb68-20d5-44e8-9866-8210516cb1f6-1655391251106">This regulation applies where—</ins>
</p>
</intro>
<subparagraph eId="regulation-19A-1-a">
<num>
<ins class="M_F_d1eafb68-20d5-44e8-9866-8210516cb1f6-1655391251106">a</ins>
</num>
<content>
<p>
<ins class="M_F_d1eafb68-20d5-44e8-9866-8210516cb1f6-1655391251106">the PRA is the group supervisor of a group;</ins>
</p>
</content>
</subparagraph>
<subparagraph eId="regulation-19A-1-b">
<num>
<ins class="M_F_d1eafb68-20d5-44e8-9866-8210516cb1f6-1655391251106">b</ins>
</num>
<intro>
<p>
<ins class="M_F_d1eafb68-20d5-44e8-9866-8210516cb1f6-1655391251106">the group contains—</ins>
</p>
</intro>
<clause eId="regulation-19A-1-b-i">
<num>
<ins class="M_F_d1eafb68-20d5-44e8-9866-8210516cb1f6-1655391251106">i</ins>
</num>
<content>
<p>
<ins class="M_F_d1eafb68-20d5-44e8-9866-8210516cb1f6-1655391251106">a Gibraltarian insurance undertaking,</ins>
</p>
</content>
</clause>
<clause eId="regulation-19A-1-b-ii">
<num>
<ins class="M_F_d1eafb68-20d5-44e8-9866-8210516cb1f6-1655391251106">ii</ins>
</num>
<content>
<p>
<ins class="M_F_d1eafb68-20d5-44e8-9866-8210516cb1f6-1655391251106">a Gibraltarian reinsurance undertaking, or</ins>
</p>
</content>
</clause>
<clause eId="regulation-19A-1-b-iii">
<num>
<ins class="M_F_d1eafb68-20d5-44e8-9866-8210516cb1f6-1655391251106">iii</ins>
</num>
<content>
<p>
<ins class="M_F_d1eafb68-20d5-44e8-9866-8210516cb1f6-1655391251106">an insurance undertaking or a reinsurance undertaking for which the calculation of the group solvency includes an undertaking in paragraph (i) or (ii).</ins>
</p>
</content>
</clause>
</subparagraph>
</paragraph>
<paragraph eId="regulation-19A-2">
<num>
<ins class="M_F_d1eafb68-20d5-44e8-9866-8210516cb1f6-1655391251106">2</ins>
</num>
<content>
<p>
<ins class="M_F_d1eafb68-20d5-44e8-9866-8210516cb1f6-1655391251106 last">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.</ins>
</p>
</content>
</paragraph>
</hcontainer>
<hcontainer name="regulation" eId="regulation-20" period="#period2">
<num>20</num>
<heading>Internal models and capital add-ons</heading>
<paragraph eId="regulation-20-1">
<num>1</num>
<intro>
<p>
Where group solvency is determined in accordance with method 1, the PRA must pay particular attention to
<noteRef href="#key-227f6dad429f67c83b41160970759919" marker="F32" class="commentary F"/>
... where—
</p>
</intro>
<subparagraph eId="regulation-20-1-a">
<num>a</num>
<content>
<p>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</p>
</content>
</subparagraph>
<subparagraph eId="regulation-20-1-b">
<num>b</num>
<content>
<p>
a capital add-on to the solvency capital requirement of the related insurance undertaking or reinsurance undertakings is imposed by the
<ins class="substitution key-f4edd18797ad65273bf1a349a56707b6-1655368863803 first last">
<noteRef href="#key-f4edd18797ad65273bf1a349a56707b6" marker="F36" class="commentary attribute F"/>
PRA or, where there is a Gibraltarian insurance undertaking or a Gibraltarian reinsurance undertaking, the FSC
</ins>
<noteRef href="#key-edea5df13d730288508537bff42595ee" marker="F33" class="commentary F"/>
....
</p>
</content>
</subparagraph>
</paragraph>
<paragraph eId="regulation-20-2">
<num>2</num>
<content>
<p>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.</p>
</content>
</paragraph>
<paragraph eId="regulation-20-3">
<num>3</num>
<intro>
<p>
Where
<noteRef href="#key-5cc46a7720205fe0e9efa4ff323af4f3" marker="F34" class="commentary F"/>
... the PRA considers that the risk profile of an insurance undertaking or reinsurance undertaking belonging to a group deviates significantly from the assumptions underlying the internal model approved at group level, the PRA may—
</p>
</intro>
<subparagraph eId="regulation-20-3-a">
<num>a</num>
<content>
<p>impose a capital add-on to the solvency capital requirement of the insurance undertaking or reinsurance undertaking;</p>
</content>
</subparagraph>
<subparagraph eId="regulation-20-3-b">
<num>b</num>
<content>
<p>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</p>
</content>
</subparagraph>
<subparagraph eId="regulation-20-3-c">
<num>c</num>
<content>
<p>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.</p>
</content>
</subparagraph>
</paragraph>
<paragraph eId="regulation-20-4">
<num>4</num>
<intro>
<p>Where the PRA—</p>
</intro>
<subparagraph eId="regulation-20-4-a">
<num>a</num>
<content>
<p>imposes a capital add-on on an insurance undertaking or reinsurance undertaking; or</p>
</content>
</subparagraph>
<subparagraph eId="regulation-20-4-b">
<num>b</num>
<content>
<p>requires the insurance undertaking or reinsurance undertaking concerned to calculate its solvency capital requirement on the basis of the standard formula,</p>
</content>
</subparagraph>
<wrapUp>
<p>
the PRA must explain its decision to the relevant insurance undertaking or reinsurance undertaking
<noteRef href="#key-cbe68c39738c2e97166afb07af52f3a5" marker="F35" class="commentary F"/>
....
</p>
</wrapUp>
</paragraph>
<paragraph eId="regulation-20-5">
<num>5</num>
<intro>
<p>
<ins class="substitution key-59bcc172c1b35e9ccfde3b760244c598-1655368950412 first last">
<noteRef href="#key-59bcc172c1b35e9ccfde3b760244c598" marker="F37" class="commentary attribute F"/>
Where the FSC is the group supervisor
</ins>
, the PRA must adopt and apply the following decisions by the group supervisor on the basis of an internal model—
</p>
</intro>
<subparagraph eId="regulation-20-5-a">
<num>a</num>
<content>
<p>the calculation of the group solvency capital requirement;</p>
</content>
</subparagraph>
<subparagraph eId="regulation-20-5-b">
<num>b</num>
<content>
<p>the calculation of the solvency capital requirement of an insurance undertaking and reinsurance undertaking in the group;</p>
</content>
</subparagraph>
<subparagraph eId="regulation-20-5-c">
<num>c</num>
<content>
<p>the calculation of the aggregated group solvency capital requirement.</p>
</content>
</subparagraph>
</paragraph>
<paragraph eId="regulation-20-6">
<num>6</num>
<content>
<p>Where the PRA has imposed a capital add-on, it must review the capital add-on at least once a year.</p>
</content>
</paragraph>
</hcontainer>
<hcontainer name="regulation" eId="regulation-21" period="#period2">
<num>
<noteRef href="#key-33bcfbd53569b518a457d3c642527a7b" marker="F38" class="commentary F"/>
21
</num>
<heading>Subsidiaries: solvency capital requirement</heading>
<content>
<p>. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .</p>
</content>
</hcontainer>
<hcontainer name="regulation" eId="regulation-22" period="#period2">
<num>
<noteRef href="#key-ded7641f89fde7154f47736eb41cfcee" marker="F39" class="commentary F"/>
22
</num>
<heading>Subsidiaries: non-compliance with the solvency and minimum capital requirements</heading>
<content>
<p>. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .</p>
</content>
</hcontainer>
<hcontainer name="regulation" eId="regulation-23" period="#period2">
<num>
<noteRef href="#key-e3f8b193798d975c0ff15b1b19436410" marker="F40" class="commentary F"/>
23
</num>
<heading>Subsidiaries: revocation of approval for applying Articles 238 and 239 of the Solvency 2 Directive</heading>
<content>
<p>. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .</p>
</content>
</hcontainer>
</chapter>
<chapter eId="part-3-chapter-4" period="#period4">
<num>CHAPTER 4</num>
<heading>Risk concentration and intra-group transactions</heading>
<hcontainer name="regulation" eId="regulation-24" period="#period4">
<num>24</num>
<heading>Supervision of risk concentration and intra-group transactions</heading>
<paragraph eId="regulation-24-1" period="#period1">
<num>
<noteRef href="#key-a76c68a7a7154dd3be8dc787e83ea989" marker="C1" class="commentary C"/>
1
</num>
<intro>
<p>
<ins class="substitution key-3c5c62a2f46b458903664a305e9ba34c-1655391849702 first last">
<noteRef href="#key-3c5c62a2f46b458903664a305e9ba34c" marker="F76" class="commentary attribute F"/>
Subject to paragraph (4), where
</ins>
the PRA is the group supervisor
<ins class="substitution key-551ac7b03e417442d8260779fc48f8b8-1655369947891 first last">
<noteRef href="#key-551ac7b03e417442d8260779fc48f8b8" marker="F41" class="commentary attribute F"/>
of a type of group referred to in regulation 9A(a) or (b)
</ins>
, the PRA must—
</p>
</intro>
<subparagraph eId="regulation-24-1-a">
<num>a</num>
<content>
<p>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;</p>
</content>
</subparagraph>
<subparagraph eId="regulation-24-1-b">
<num>b</num>
<content>
<p>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;</p>
</content>
</subparagraph>
<subparagraph eId="regulation-24-1-c">
<num>c</num>
<content>
<p>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;</p>
</content>
</subparagraph>
<subparagraph eId="regulation-24-1-d">
<num>d</num>
<content>
<p>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.</p>
</content>
</subparagraph>
</paragraph>
<paragraph eId="regulation-24-1A">
<num>
<ins class="key-9beb3e72cf7ba5a185204addac0f4e81-1655369991228 first">
<noteRef href="#key-9beb3e72cf7ba5a185204addac0f4e81" marker="F42" class="commentary attribute F"/>
1A
</ins>
</num>
<content>
<p>
<ins class="key-9beb3e72cf7ba5a185204addac0f4e81-1655369991228 last">For the purposes of paragraph (1), references to insurance undertakings and reinsurance undertakings include a reference to Gibraltarian insurance undertakings and Gibraltarian reinsurance undertakings.</ins>
</p>
</content>
</paragraph>
<paragraph eId="regulation-24-2" period="#period1">
<num>
<noteRef href="#key-a76c68a7a7154dd3be8dc787e83ea989" marker="C1" class="commentary C"/>
2
</num>
<content>
<p>
The PRA must consult the group
<ins class="substitution key-f06fbd68f4775f89b0edcd23bc2f8db8-1655370060545 first last">
<noteRef href="#key-f06fbd68f4775f89b0edcd23bc2f8db8" marker="F43" class="commentary attribute F"/>
and, where the FSC is concerned in the supervision of the group, the FSC
</ins>
whilst carrying out the activities referred to in sub-paragraphs (a) to (c) of paragraph 24.
</p>
</content>
</paragraph>
<paragraph eId="regulation-24-3">
<num>3</num>
<content>
<p>
Where the
<ins class="substitution key-9ab6abd0e3cb27807435b5032e4dc121-1655370139651 first last">
<noteRef href="#key-9ab6abd0e3cb27807435b5032e4dc121" marker="F44" class="commentary attribute F"/>
FSC is
</ins>
the group supervisor and the
<ins class="substitution key-8b8c797f3936660385eb6b919160959d-1655370180634 first last">
<noteRef href="#key-8b8c797f3936660385eb6b919160959d" marker="F45" class="commentary attribute F"/>
the FSC consults the PRA
</ins>
in relation to the supervision of risk concentration at group level or the reporting of intra-group transactions, the PRA must take into account the specific group and risk management structure of the group when giving its opinion about the type of risks to be reported.
</p>
</content>
</paragraph>
<paragraph eId="regulation-24-4">
<num>
<ins class="key-67a0da5efb50adfac798465da6f41dbd-1655391825255 first">
<noteRef href="#key-67a0da5efb50adfac798465da6f41dbd" marker="F75" class="commentary attribute F"/>
4
</ins>
</num>
<intro>
<p>
<ins class="key-67a0da5efb50adfac798465da6f41dbd-1655391825255">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)—</ins>
</p>
</intro>
<subparagraph eId="regulation-24-4-a">
<num>
<ins class="key-67a0da5efb50adfac798465da6f41dbd-1655391825255">a</ins>
</num>
<content>
<p>
<ins class="key-67a0da5efb50adfac798465da6f41dbd-1655391825255">does not apply; or</ins>
</p>
</content>
</subparagraph>
<subparagraph eId="regulation-24-4-b">
<num>
<ins class="key-67a0da5efb50adfac798465da6f41dbd-1655391825255">b</ins>
</num>
<content>
<p>
<ins class="key-67a0da5efb50adfac798465da6f41dbd-1655391825255">applies with only such modifications as may be specified in the determination.</ins>
</p>
</content>
</subparagraph>
</paragraph>
<paragraph eId="regulation-24-5">
<num>
<ins class="key-67a0da5efb50adfac798465da6f41dbd-1655391825255">5</ins>
</num>
<intro>
<p>
<ins class="key-67a0da5efb50adfac798465da6f41dbd-1655391825255">The PRA may not give a determination under paragraph (4) unless it is satisfied that—</ins>
</p>
</intro>
<subparagraph eId="regulation-24-5-a">
<num>
<ins class="key-67a0da5efb50adfac798465da6f41dbd-1655391825255">a</ins>
</num>
<content>
<p>
<ins class="key-67a0da5efb50adfac798465da6f41dbd-1655391825255">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</ins>
</p>
</content>
</subparagraph>
<subparagraph eId="regulation-24-5-b">
<num>
<ins class="key-67a0da5efb50adfac798465da6f41dbd-1655391825255">b</ins>
</num>
<content>
<p>
<ins class="key-67a0da5efb50adfac798465da6f41dbd-1655391825255">the determination would not adversely affect the advancement of any of the PRA’s objectives.</ins>
</p>
</content>
</subparagraph>
</paragraph>
<paragraph eId="regulation-24-6">
<num>
<ins class="key-67a0da5efb50adfac798465da6f41dbd-1655391825255">6</ins>
</num>
<content>
<p>
<ins class="key-67a0da5efb50adfac798465da6f41dbd-1655391825255 last">The PRA may revoke or vary a determination given under paragraph (4).</ins>
</p>
</content>
</paragraph>
</hcontainer>
</chapter>
<chapter eId="part-3-chapter-5" period="#period4">
<num>CHAPTER 5</num>
<heading>Risk management and internal control</heading>
<hcontainer name="regulation" eId="regulation-25" period="#period4">
<num>
<noteRef href="#key-924ba48f2c2d1762cd8c4ca213c671df" marker="C2" class="commentary C"/>
<ins class="substitution key-2eb9297ad1e08055837fb0320b9b332b-1655392190625 first">
<noteRef href="#key-2eb9297ad1e08055837fb0320b9b332b" marker="F77" class="commentary attribute F"/>
25
</ins>
</num>
<heading>Supervision of system of governance</heading>
<paragraph eId="regulation-25-1">
<num>
<ins class="substitution key-2eb9297ad1e08055837fb0320b9b332b-1655392190625">1</ins>
</num>
<intro>
<p>
<ins class="substitution key-2eb9297ad1e08055837fb0320b9b332b-1655392190625">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—</ins>
</p>
</intro>
<subparagraph eId="regulation-25-1-a">
<num>
<ins class="substitution key-2eb9297ad1e08055837fb0320b9b332b-1655392190625">a</ins>
</num>
<content>
<p>
<ins class="substitution key-2eb9297ad1e08055837fb0320b9b332b-1655392190625">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;</ins>
</p>
</content>
</subparagraph>
<subparagraph eId="regulation-25-1-b">
<num>
<ins class="substitution key-2eb9297ad1e08055837fb0320b9b332b-1655392190625">b</ins>
</num>
<content>
<p>
<ins class="substitution key-2eb9297ad1e08055837fb0320b9b332b-1655392190625">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.</ins>
</p>
</content>
</subparagraph>
</paragraph>
<paragraph eId="regulation-25-2">
<num>
<ins class="substitution key-2eb9297ad1e08055837fb0320b9b332b-1655392190625">2</ins>
</num>
<intro>
<p>
<ins class="substitution key-2eb9297ad1e08055837fb0320b9b332b-1655392190625">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)—</ins>
</p>
</intro>
<subparagraph eId="regulation-25-2-a">
<num>
<ins class="substitution key-2eb9297ad1e08055837fb0320b9b332b-1655392190625">a</ins>
</num>
<content>
<p>
<ins class="substitution key-2eb9297ad1e08055837fb0320b9b332b-1655392190625">does not apply; or</ins>
</p>
</content>
</subparagraph>
<subparagraph eId="regulation-25-2-b">
<num>
<ins class="substitution key-2eb9297ad1e08055837fb0320b9b332b-1655392190625">b</ins>
</num>
<content>
<p>
<ins class="substitution key-2eb9297ad1e08055837fb0320b9b332b-1655392190625">applies with only such modifications as may be specified in the determination.</ins>
</p>
</content>
</subparagraph>
</paragraph>
<paragraph eId="regulation-25-3">
<num>
<ins class="substitution key-2eb9297ad1e08055837fb0320b9b332b-1655392190625">3</ins>
</num>
<intro>
<p>
<ins class="substitution key-2eb9297ad1e08055837fb0320b9b332b-1655392190625">The PRA may not give a determination under paragraph (2) unless it is satisfied that—</ins>
</p>
</intro>
<subparagraph eId="regulation-25-3-a">
<num>
<ins class="substitution key-2eb9297ad1e08055837fb0320b9b332b-1655392190625">a</ins>
</num>
<content>
<p>
<ins class="substitution key-2eb9297ad1e08055837fb0320b9b332b-1655392190625">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</ins>
</p>
</content>
</subparagraph>
<subparagraph eId="regulation-25-3-b">
<num>
<ins class="substitution key-2eb9297ad1e08055837fb0320b9b332b-1655392190625">b</ins>
</num>
<content>
<p>
<ins class="substitution key-2eb9297ad1e08055837fb0320b9b332b-1655392190625">the determination would not adversely affect the advancement of any of the PRA’s objectives.</ins>
</p>
</content>
</subparagraph>
</paragraph>
<paragraph eId="regulation-25-4">
<num>
<ins class="substitution key-2eb9297ad1e08055837fb0320b9b332b-1655392190625">4</ins>
</num>
<content>
<p>
<ins class="substitution key-2eb9297ad1e08055837fb0320b9b332b-1655392190625 last">The PRA may revoke or vary a determination given under paragraph (2).</ins>
</p>
</content>
</paragraph>
</hcontainer>
</chapter>
<chapter eId="part-3-chapter-6" period="#period4">
<num>CHAPTER 6</num>
<heading>Measures to facilitate group supervision</heading>
<hcontainer name="regulation" eId="regulation-26" period="#period4">
<num>
<ins class="substitution key-524af12878125656fb7dd76b19a59ca4-1655374409786 first">
<noteRef href="#key-524af12878125656fb7dd76b19a59ca4" marker="F46" class="commentary attribute F"/>
26
</ins>
</num>
<heading>Rule for deciding the group supervisor</heading>
<paragraph eId="regulation-26-1">
<num>
<ins class="substitution key-524af12878125656fb7dd76b19a59ca4-1655374409786">1</ins>
</num>
<content>
<p>
<ins class="substitution key-524af12878125656fb7dd76b19a59ca4-1655374409786">
<ins class="substitution key-2316d431639bec40d795f86441b4bfad-1655392511285 first last">
<noteRef href="#key-2316d431639bec40d795f86441b4bfad" marker="F79" class="commentary attribute F"/>
Subject to paragraphs (2) and (3)
</ins>
</ins>
<ins class="substitution key-524af12878125656fb7dd76b19a59ca4-1655374409786">, where an insurance undertaking or reinsurance undertaking that is authorised by the PRA under Part 4A of FSMA is part of a group, the PRA is the group supervisor and must supervise that group.</ins>
</p>
</content>
</paragraph>
<paragraph eId="regulation-26-2">
<num>
<ins class="substitution key-524af12878125656fb7dd76b19a59ca4-1655374409786">2</ins>
</num>
<intro>
<p>
<ins class="substitution key-524af12878125656fb7dd76b19a59ca4-1655374409786">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—</ins>
</p>
</intro>
<subparagraph eId="regulation-26-2-a">
<num>
<ins class="substitution key-524af12878125656fb7dd76b19a59ca4-1655374409786">a</ins>
</num>
<content>
<p>
<ins class="substitution key-524af12878125656fb7dd76b19a59ca4-1655374409786">the FSC was designated as the group supervisor under Article 247 of the Solvency 2 Directive before IP completion day; or</ins>
</p>
</content>
</subparagraph>
<subparagraph eId="regulation-26-2-b">
<num>
<ins class="substitution key-524af12878125656fb7dd76b19a59ca4-1655374409786">b</ins>
</num>
<content>
<p>
<ins class="substitution key-524af12878125656fb7dd76b19a59ca4-1655374409786 last">the PRA and the FSC have agreed that the FSC is to be the group supervisor.</ins>
</p>
</content>
</subparagraph>
</paragraph>
<paragraph eId="regulation-26-3">
<num>
<ins class="key-dc35cf64f9f7b85e0d6b34a8b285a283-1655392480244 first">
<noteRef href="#key-dc35cf64f9f7b85e0d6b34a8b285a283" marker="F78" class="commentary attribute F"/>
3
</ins>
</num>
<content>
<p>
<ins class="key-dc35cf64f9f7b85e0d6b34a8b285a283-1655392480244 last">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.</ins>
</p>
</content>
</paragraph>
</hcontainer>
<hcontainer name="regulation" eId="regulation-27" period="#period2">
<num>
<noteRef href="#key-bd234b99411a756cf17bbb4313e269bc" marker="F47" class="commentary F"/>
27
</num>
<heading>Exceptions to the rule for deciding the group supervisor</heading>
<content>
<p>. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .</p>
</content>
</hcontainer>
<hcontainer name="regulation" eId="regulation-28" period="#period4">
<num>28</num>
<heading>
Duties of group supervisor
<noteRef href="#key-f5c0ec46a8e2cfed6f2384cfe3a35245" marker="F48" class="commentary F"/>
...
</heading>
<paragraph eId="regulation-28-1">
<num>1</num>
<content>
<p>
<ins class="substitution key-798cd3dc096da1897e3551eb69c2c0f9-1655392832290 first last">
<noteRef href="#key-798cd3dc096da1897e3551eb69c2c0f9" marker="F81" class="commentary attribute F"/>
Subject to paragraph (3), paragraph (2) applies
</ins>
where the PRA is the group supervisor
<ins class="substitution key-0fb6aa82b097a8879431db05094586d2-1655375559109 first last">
<noteRef href="#key-0fb6aa82b097a8879431db05094586d2" marker="F49" class="commentary attribute F"/>
of a type of group referred to in regulation 9A(a) or (b)
</ins>
,
<noteRef href="#key-3b138905a5d5478dca6261f7e4ef4a14" marker="F50" class="commentary F"/>
....
</p>
</content>
</paragraph>
<paragraph eId="regulation-28-2" period="#period1">
<num>
<noteRef href="#key-4c37eca1437223341a042c6ee3e9ce7c" marker="C3" class="commentary C"/>
2
</num>
<intro>
<p>The PRA must—</p>
</intro>
<subparagraph eId="regulation-28-2-a">
<num>
<noteRef href="#key-34a87867a4af7fe12aaa3c5b8f7e2fbc" marker="F51" class="commentary F"/>
a
</num>
<content>
<p>. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .</p>
</content>
</subparagraph>
<subparagraph eId="regulation-28-2-b">
<num>b</num>
<content>
<p>conduct supervisory reviews and assessments of the financial situation of the group;</p>
</content>
</subparagraph>
<subparagraph eId="regulation-28-2-c">
<num>c</num>
<content>
<p>
assess the group's compliance with the rules on solvency, risk concentration and intra-group transactions
<noteRef href="#key-bb6551aa64d1044ca83a73b9ee9adf7f" marker="F52" class="commentary F"/>
...;
</p>
</content>
</subparagraph>
<subparagraph eId="regulation-28-2-d">
<num>d</num>
<content>
<p>assess the group's system of governance in accordance with regulation 25;</p>
</content>
</subparagraph>
<subparagraph eId="regulation-28-2-e">
<num>e</num>
<content>
<p>
assess whether the members of the administrative, management or supervisory body of the participating undertakings in the group
<ins class="substitution key-db279f46863cf8b580437a632dc50af6-1655375946417 first last">
<noteRef href="#key-db279f46863cf8b580437a632dc50af6" marker="F53" class="commentary attribute F"/>
are fit and proper to carry out their functions
</ins>
;
</p>
</content>
</subparagraph>
<subparagraph eId="regulation-28-2-f">
<num>
<noteRef href="#key-7b99e92c3ff4981f98f1f8598fb46501" marker="F54" class="commentary F"/>
f
</num>
<content>
<p>. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .</p>
</content>
</subparagraph>
<subparagraph eId="regulation-28-2-g">
<num>g</num>
<content>
<p>
<ins class="substitution key-88643c40010d077e520f44fac2cee22f-1655375997055 first last">
<noteRef href="#key-88643c40010d077e520f44fac2cee22f" marker="F55" class="commentary attribute F"/>
determine applications for
</ins>
an internal model at group level as set out in regulation 49;
</p>
</content>
</subparagraph>
<subparagraph eId="regulation-28-2-h">
<num>
<noteRef href="#key-45be3c94dc40f280cb3829252f267aa9" marker="F56" class="commentary F"/>
h
</num>
<content>
<p>. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .</p>
</content>
</subparagraph>
<subparagraph eId="regulation-28-2-i">
<num>i</num>
<content>
<p>
carry out the other tasks, measures and decisions assigned to the group supervisor by the
<ins class="key-cb6bee926535a4a82190a7a55c54bb3d-1655376049175 first last">
<noteRef href="#key-cb6bee926535a4a82190a7a55c54bb3d" marker="F57" class="commentary attribute F"/>
United Kingdom law which implemented the
</ins>
Solvency 2 Directive.
</p>
</content>
</subparagraph>
</paragraph>
<paragraph eId="regulation-28-3n1">
<num>
<ins class="key-9d5ca722295aa342584d05ff20f5dc16-1655392784397 first">
<noteRef href="#key-9d5ca722295aa342584d05ff20f5dc16" marker="F80" class="commentary attribute F"/>
3
</ins>
</num>
<intro>
<p>
<ins class="key-9d5ca722295aa342584d05ff20f5dc16-1655392784397">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)—</ins>
</p>
</intro>
<subparagraph eId="regulation-28-3-a">
<num>
<ins class="key-9d5ca722295aa342584d05ff20f5dc16-1655392784397">a</ins>
</num>
<content>
<p>
<ins class="key-9d5ca722295aa342584d05ff20f5dc16-1655392784397">does not apply; or</ins>
</p>
</content>
</subparagraph>
<subparagraph eId="regulation-28-3-b">
<num>
<ins class="key-9d5ca722295aa342584d05ff20f5dc16-1655392784397">b</ins>
</num>
<content>
<p>
<ins class="key-9d5ca722295aa342584d05ff20f5dc16-1655392784397">applies with only such modifications as may be specified in the determination.</ins>
</p>
</content>
</subparagraph>
</paragraph>
<paragraph eId="regulation-28-4n1">
<num>
<ins class="key-9d5ca722295aa342584d05ff20f5dc16-1655392784397">4</ins>
</num>
<intro>
<p>
<ins class="key-9d5ca722295aa342584d05ff20f5dc16-1655392784397">The PRA may not give a determination under paragraph (3) unless it is satisfied that —</ins>
</p>
</intro>
<subparagraph eId="regulation-28-4-a">
<num>
<ins class="key-9d5ca722295aa342584d05ff20f5dc16-1655392784397">a</ins>
</num>
<content>
<p>
<ins class="key-9d5ca722295aa342584d05ff20f5dc16-1655392784397">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</ins>
</p>
</content>
</subparagraph>
<subparagraph eId="regulation-28-4-b">
<num>
<ins class="key-9d5ca722295aa342584d05ff20f5dc16-1655392784397">b</ins>
</num>
<content>
<p>
<ins class="key-9d5ca722295aa342584d05ff20f5dc16-1655392784397">the determination would not adversely affect the advancement of any of the PRA’s objectives.</ins>
</p>
</content>
</subparagraph>
</paragraph>
<paragraph eId="regulation-28-5n1">
<num>
<ins class="key-9d5ca722295aa342584d05ff20f5dc16-1655392784397">5</ins>
</num>
<content>
<p>
<ins class="key-9d5ca722295aa342584d05ff20f5dc16-1655392784397 last">The PRA may revoke or vary a determination given under paragraph (3).</ins>
</p>
</content>
</paragraph>
<paragraph eId="regulation-28-3" period="#period2">
<num>
<noteRef href="#key-a07a21ddf05ba8097d42e0d39f88f1e8" marker="F58" class="commentary F"/>
3
</num>
<content>
<p>. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .</p>
</content>
</paragraph>
<paragraph eId="regulation-28-4" period="#period2">
<num>
<noteRef href="#key-a07a21ddf05ba8097d42e0d39f88f1e8" marker="F58" class="commentary F"/>
4
</num>
<content>
<p>. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .</p>
</content>
</paragraph>
<paragraph eId="regulation-28-5" period="#period2">
<num>
<noteRef href="#key-a07a21ddf05ba8097d42e0d39f88f1e8" marker="F58" class="commentary F"/>
5
</num>
<content>
<p>. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .</p>
</content>
</paragraph>
<paragraph eId="regulation-28-6" period="#period2">
<num>
<noteRef href="#key-a07a21ddf05ba8097d42e0d39f88f1e8" marker="F58" class="commentary F"/>
6
</num>
<content>
<p>. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .</p>
</content>
</paragraph>
<paragraph eId="regulation-28-7" period="#period2">
<num>
<noteRef href="#key-a07a21ddf05ba8097d42e0d39f88f1e8" marker="F58" class="commentary F"/>
7
</num>
<content>
<p>. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .</p>
</content>
</paragraph>
<paragraph eId="regulation-28-8" period="#period2">
<num>
<noteRef href="#key-a07a21ddf05ba8097d42e0d39f88f1e8" marker="F58" class="commentary F"/>
8
</num>
<content>
<p>. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .</p>
</content>
</paragraph>
</hcontainer>
<hcontainer name="regulation" eId="regulation-29" period="#period2">
<num>
<noteRef href="#key-aa872ea1bc44183d7a0fb3f63eadfdb6" marker="F59" class="commentary F"/>
29
</num>
<heading>Cooperation and exchange of information between supervisory authorities</heading>
<content>
<p>. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .</p>
</content>
</hcontainer>
<hcontainer name="regulation" eId="regulation-30" period="#period2">
<num>
<noteRef href="#key-ff4a336187a0a7cb552d1425cf13d565" marker="F60" class="commentary F"/>
30
</num>
<heading>Consultation between supervisory authorities</heading>
<content>
<p>. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .</p>
</content>
</hcontainer>
<hcontainer name="regulation" eId="regulation-31" period="#period2">
<num>
<noteRef href="#key-4b1131f8b308b8f87485fe89fa1be1e3" marker="F61" class="commentary F"/>
31
</num>
<heading>Access to information</heading>
<content>
<p>. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .</p>
</content>
</hcontainer>
<hcontainer name="regulation" eId="regulation-32" period="#period2">
<num>
<noteRef href="#key-e202bf305789fcd5d3b16328aceccf58" marker="F62" class="commentary F"/>
32
</num>
<heading>Verification of information</heading>
<content>
<p>. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .</p>
</content>
</hcontainer>
<hcontainer name="regulation" eId="regulation-33" period="#period2">
<num>
<noteRef href="#key-8f30333922bd02c8b57902b16b84a35b" marker="F63" class="commentary F"/>
33
</num>
<heading>Group solvency and financial condition report</heading>
<content>
<p>. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .</p>
</content>
</hcontainer>
<hcontainer name="regulation" eId="regulation-34" period="#period2">
<num>
<noteRef href="#key-aa43c9e5848bacb88a3f2646ef2d15fa" marker="F64" class="commentary F"/>
34
</num>
<heading>Enforcement measures</heading>
<content>
<p>. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .</p>
</content>
</hcontainer>
</chapter>
<chapter eId="part-3-chapter-7" period="#period2">
<num>CHAPTER 7</num>
<heading>Third countries</heading>
<hcontainer name="regulation" eId="regulation-35" period="#period2">
<num>
<ins class="substitution key-8becb96ebbe1416e2c086fd3da9adc35-1655378779919 first">
<noteRef href="#key-8becb96ebbe1416e2c086fd3da9adc35" marker="F65" class="commentary attribute F"/>
35
</ins>
</num>
<heading>Non-EEA solvency 2 parent undertakings: equivalence</heading>
<paragraph eId="regulation-35-1">
<num>
<ins class="substitution key-8becb96ebbe1416e2c086fd3da9adc35-1655378779919">1</ins>
</num>
<content>
<p>
<ins class="substitution key-8becb96ebbe1416e2c086fd3da9adc35-1655378779919">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.</ins>
</p>
</content>
</paragraph>
<paragraph eId="regulation-35-2">
<num>
<ins class="substitution key-8becb96ebbe1416e2c086fd3da9adc35-1655378779919">2</ins>
</num>
<intro>
<p>
<ins class="substitution key-8becb96ebbe1416e2c086fd3da9adc35-1655378779919">The condition is that—</ins>
</p>
</intro>
<subparagraph eId="regulation-35-2-a">
<num>
<ins class="substitution key-8becb96ebbe1416e2c086fd3da9adc35-1655378779919">a</ins>
</num>
<intro>
<p>
<ins class="substitution key-8becb96ebbe1416e2c086fd3da9adc35-1655378779919">either of the following determinations have been made—</ins>
</p>
</intro>
<clause eId="regulation-35-2-a-i">
<num>
<ins class="substitution key-8becb96ebbe1416e2c086fd3da9adc35-1655378779919">i</ins>
</num>
<content>
<p>
<ins class="substitution key-8becb96ebbe1416e2c086fd3da9adc35-1655378779919">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</ins>
</p>
</content>
</clause>
<clause eId="regulation-35-2-a-ii">
<num>
<ins class="substitution key-8becb96ebbe1416e2c086fd3da9adc35-1655378779919">ii</ins>
</num>
<content>
<p>
<ins class="substitution key-8becb96ebbe1416e2c086fd3da9adc35-1655378779919">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,</ins>
</p>
</content>
</clause>
</subparagraph>
<subparagraph eId="regulation-35-2-b">
<num>
<ins class="substitution key-8becb96ebbe1416e2c086fd3da9adc35-1655378779919">b</ins>
</num>
<content>
<p>
<ins class="substitution key-8becb96ebbe1416e2c086fd3da9adc35-1655378779919">that determination still applies,</ins>
</p>
</content>
</subparagraph>
<subparagraph eId="regulation-35-2-c">
<num>
<ins class="substitution key-8becb96ebbe1416e2c086fd3da9adc35-1655378779919">c</ins>
</num>
<content>
<p>
<ins class="substitution key-8becb96ebbe1416e2c086fd3da9adc35-1655378779919">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</ins>
</p>
</content>
</subparagraph>
<subparagraph eId="regulation-35-2-d">
<num>
<ins class="substitution key-8becb96ebbe1416e2c086fd3da9adc35-1655378779919">d</ins>
</num>
<content>
<p>
<ins class="substitution key-8becb96ebbe1416e2c086fd3da9adc35-1655378779919">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.</ins>
</p>
</content>
</subparagraph>
</paragraph>
<paragraph eId="regulation-35-3">
<num>
<ins class="substitution key-8becb96ebbe1416e2c086fd3da9adc35-1655378779919">3</ins>
</num>
<content>
<p>
<ins class="substitution key-8becb96ebbe1416e2c086fd3da9adc35-1655378779919">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).</ins>
</p>
</content>
</paragraph>
<paragraph eId="regulation-35-4">
<num>
<ins class="substitution key-8becb96ebbe1416e2c086fd3da9adc35-1655378779919">4</ins>
</num>
<intro>
<p>
<ins class="substitution key-8becb96ebbe1416e2c086fd3da9adc35-1655378779919">Where the conditions referred to in paragraph (2) do not apply, the PRA—</ins>
</p>
</intro>
<subparagraph eId="regulation-35-4-a">
<num>
<ins class="substitution key-8becb96ebbe1416e2c086fd3da9adc35-1655378779919">a</ins>
</num>
<content>
<p>
<ins class="substitution key-8becb96ebbe1416e2c086fd3da9adc35-1655378779919">must take a decision on equivalence at the request of the parent undertaking or the insurance undertaking or reinsurance undertaking; or</ins>
</p>
</content>
</subparagraph>
<subparagraph eId="regulation-35-4-b">
<num>
<ins class="substitution key-8becb96ebbe1416e2c086fd3da9adc35-1655378779919">b</ins>
</num>
<content>
<p>
<ins class="substitution key-8becb96ebbe1416e2c086fd3da9adc35-1655378779919">may take a decision on equivalence on its own initiative,</ins>
</p>
</content>
</subparagraph>
<wrapUp>
<p>
<ins class="substitution key-8becb96ebbe1416e2c086fd3da9adc35-1655378779919">in accordance with paragraph (5).</ins>
</p>
</wrapUp>
</paragraph>
<paragraph eId="regulation-35-5">
<num>
<ins class="substitution key-8becb96ebbe1416e2c086fd3da9adc35-1655378779919">5</ins>
</num>
<intro>
<p>
<ins class="substitution key-8becb96ebbe1416e2c086fd3da9adc35-1655378779919">Where the PRA takes a decision on equivalence, the PRA must—</ins>
</p>
</intro>
<subparagraph eId="regulation-35-5-a">
<num>
<ins class="substitution key-8becb96ebbe1416e2c086fd3da9adc35-1655378779919">a</ins>
</num>
<content>
<p>
<ins class="substitution key-8becb96ebbe1416e2c086fd3da9adc35-1655378779919">verify equivalence at the level of the ultimate non-UK solvency 2 parent,</ins>
</p>
</content>
</subparagraph>
<subparagraph eId="regulation-35-5-b">
<num>
<ins class="substitution key-8becb96ebbe1416e2c086fd3da9adc35-1655378779919">b</ins>
</num>
<content>
<p>
<ins class="substitution key-8becb96ebbe1416e2c086fd3da9adc35-1655378779919">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</ins>
</p>
</content>
</subparagraph>
<subparagraph eId="regulation-35-5-c">
<num>
<ins class="substitution key-8becb96ebbe1416e2c086fd3da9adc35-1655378779919">c</ins>
</num>
<content>
<p>
<ins class="substitution key-8becb96ebbe1416e2c086fd3da9adc35-1655378779919">take its decision on equivalence in accordance with the criteria set out in Regulation 380 of the Solvency 2 Regulation.</ins>
</p>
</content>
</subparagraph>
</paragraph>
<paragraph eId="regulation-35-6">
<num>
<ins class="substitution key-8becb96ebbe1416e2c086fd3da9adc35-1655378779919">6</ins>
</num>
<content>
<p>
<ins class="substitution key-8becb96ebbe1416e2c086fd3da9adc35-1655378779919">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)).</ins>
</p>
</content>
</paragraph>
<paragraph eId="regulation-35-7">
<num>
<ins class="substitution key-8becb96ebbe1416e2c086fd3da9adc35-1655378779919">7</ins>
</num>
<intro>
<p>
<ins class="substitution key-8becb96ebbe1416e2c086fd3da9adc35-1655378779919">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—</ins>
</p>
</intro>
<subparagraph eId="regulation-35-7-a">
<num>
<ins class="substitution key-8becb96ebbe1416e2c086fd3da9adc35-1655378779919">a</ins>
</num>
<content>
<p>
<ins class="substitution key-8becb96ebbe1416e2c086fd3da9adc35-1655378779919">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,</ins>
</p>
</content>
</subparagraph>
<subparagraph eId="regulation-35-7-b">
<num>
<ins class="substitution key-8becb96ebbe1416e2c086fd3da9adc35-1655378779919">b</ins>
</num>
<content>
<p>
<ins class="substitution key-8becb96ebbe1416e2c086fd3da9adc35-1655378779919">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</ins>
</p>
</content>
</subparagraph>
<subparagraph eId="regulation-35-7-c">
<num>
<ins class="substitution key-8becb96ebbe1416e2c086fd3da9adc35-1655378779919">c</ins>
</num>
<content>
<p>
<ins class="substitution key-8becb96ebbe1416e2c086fd3da9adc35-1655378779919">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.</ins>
</p>
</content>
</subparagraph>
</paragraph>
<paragraph eId="regulation-35-8">
<num>
<ins class="substitution key-8becb96ebbe1416e2c086fd3da9adc35-1655378779919">8</ins>
</num>
<intro>
<p>
<ins class="substitution key-8becb96ebbe1416e2c086fd3da9adc35-1655378779919">Paragraph (7) does not apply—</ins>
</p>
</intro>
<subparagraph eId="regulation-35-8-a">
<num>
<ins class="substitution key-8becb96ebbe1416e2c086fd3da9adc35-1655378779919">a</ins>
</num>
<content>
<p>
<ins class="substitution key-8becb96ebbe1416e2c086fd3da9adc35-1655378779919">in cases of urgency, or</ins>
</p>
</content>
</subparagraph>
<subparagraph eId="regulation-35-8-b">
<num>
<ins class="substitution key-8becb96ebbe1416e2c086fd3da9adc35-1655378779919">b</ins>
</num>
<content>
<p>
<ins class="substitution key-8becb96ebbe1416e2c086fd3da9adc35-1655378779919">where consultation may jeopardise the effectiveness of a decision of the PRA,</ins>
</p>
</content>
</subparagraph>
<wrapUp>
<p>
<ins class="substitution key-8becb96ebbe1416e2c086fd3da9adc35-1655378779919">provided the PRA informs the other supervisory authorities concerned without delay.</ins>
</p>
</wrapUp>
</paragraph>
<paragraph eId="regulation-35-9">
<num>
<ins class="substitution key-8becb96ebbe1416e2c086fd3da9adc35-1655378779919">9</ins>
</num>
<content>
<p>
<ins class="substitution key-8becb96ebbe1416e2c086fd3da9adc35-1655378779919 last">The PRA must also consult a supervisory authority before taking a decision based on information received from that supervisory authority.</ins>
</p>
</content>
</paragraph>
</hcontainer>
<hcontainer name="regulation" eId="regulation-36" period="#period2">
<num>
<ins class="substitution key-22f8c1d1ffe9dffb620dc0904a1c270e-1655380201968 first">
<noteRef href="#key-22f8c1d1ffe9dffb620dc0904a1c270e" marker="F66" class="commentary attribute F"/>
36
</ins>
</num>
<heading>Parent undertaking outside the United Kingdom: absence of equivalence</heading>
<paragraph eId="regulation-36-1">
<num>
<ins class="substitution key-22f8c1d1ffe9dffb620dc0904a1c270e-1655380201968">1</ins>
</num>
<intro>
<p>
<ins class="substitution key-22f8c1d1ffe9dffb620dc0904a1c270e-1655380201968">This regulation applies where—</ins>
</p>
</intro>
<subparagraph eId="regulation-36-1-a">
<num>
<ins class="substitution key-22f8c1d1ffe9dffb620dc0904a1c270e-1655380201968">a</ins>
</num>
<content>
<p>
<ins class="substitution key-22f8c1d1ffe9dffb620dc0904a1c270e-1655380201968">a parent undertaking of an insurance undertaking or reinsurance undertaking established in the United Kingdom has its head office in a third country,</ins>
</p>
</content>
</subparagraph>
<subparagraph eId="regulation-36-1-b">
<num>
<ins class="substitution key-22f8c1d1ffe9dffb620dc0904a1c270e-1655380201968">b</ins>
</num>
<content>
<p>
<ins class="substitution key-22f8c1d1ffe9dffb620dc0904a1c270e-1655380201968">one of the conditions in paragraph (2) is satisfied, and</ins>
</p>
</content>
</subparagraph>
<subparagraph eId="regulation-36-1-c">
<num>
<ins class="substitution key-22f8c1d1ffe9dffb620dc0904a1c270e-1655380201968">c</ins>
</num>
<content>
<p>
<ins class="substitution key-22f8c1d1ffe9dffb620dc0904a1c270e-1655380201968">one of the conditions in paragraph (3) is satisfied.</ins>
</p>
</content>
</subparagraph>
</paragraph>
<paragraph eId="regulation-36-2">
<num>
<ins class="substitution key-22f8c1d1ffe9dffb620dc0904a1c270e-1655380201968">2</ins>
</num>
<intro>
<p>
<ins class="substitution key-22f8c1d1ffe9dffb620dc0904a1c270e-1655380201968">The conditions are—</ins>
</p>
</intro>
<subparagraph eId="regulation-36-2-a">
<num>
<ins class="substitution key-22f8c1d1ffe9dffb620dc0904a1c270e-1655380201968">a</ins>
</num>
<content>
<p>
<ins class="substitution key-22f8c1d1ffe9dffb620dc0904a1c270e-1655380201968">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;</ins>
</p>
</content>
</subparagraph>
<subparagraph eId="regulation-36-2-b">
<num>
<ins class="substitution key-22f8c1d1ffe9dffb620dc0904a1c270e-1655380201968">b</ins>
</num>
<content>
<p>
<ins class="substitution key-22f8c1d1ffe9dffb620dc0904a1c270e-1655380201968">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.</ins>
</p>
</content>
</subparagraph>
</paragraph>
<paragraph eId="regulation-36-3">
<num>
<ins class="substitution key-22f8c1d1ffe9dffb620dc0904a1c270e-1655380201968">3</ins>
</num>
<intro>
<p>
<ins class="substitution key-22f8c1d1ffe9dffb620dc0904a1c270e-1655380201968">The conditions are—</ins>
</p>
</intro>
<subparagraph eId="regulation-36-3-a">
<num>
<ins class="substitution key-22f8c1d1ffe9dffb620dc0904a1c270e-1655380201968">a</ins>
</num>
<content>
<p>
<ins class="substitution key-22f8c1d1ffe9dffb620dc0904a1c270e-1655380201968">the prudential group supervision regime of the third country has not been determined to be temporarily equivalent;</ins>
</p>
</content>
</subparagraph>
<subparagraph eId="regulation-36-3-b">
<num>
<ins class="substitution key-22f8c1d1ffe9dffb620dc0904a1c270e-1655380201968">b</ins>
</num>
<content>
<p>
<ins class="substitution key-22f8c1d1ffe9dffb620dc0904a1c270e-1655380201968">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.</ins>
</p>
</content>
</subparagraph>
</paragraph>
<paragraph eId="regulation-36-4">
<num>
<ins class="substitution key-22f8c1d1ffe9dffb620dc0904a1c270e-1655380201968">4</ins>
</num>
<intro>
<p>
<ins class="substitution key-22f8c1d1ffe9dffb620dc0904a1c270e-1655380201968">The PRA must, at the level of the ultimate non-UK solvency 2 parent—</ins>
</p>
</intro>
<subparagraph eId="regulation-36-4-a">
<num>
<ins class="substitution key-22f8c1d1ffe9dffb620dc0904a1c270e-1655380201968">a</ins>
</num>
<content>
<p>
<ins class="substitution key-22f8c1d1ffe9dffb620dc0904a1c270e-1655380201968">ensure appropriate supervision of the insurance undertakings and reinsurance undertakings that are authorised by the PRA in the group, and</ins>
</p>
</content>
</subparagraph>
<subparagraph eId="regulation-36-4-b">
<num>
<ins class="substitution key-22f8c1d1ffe9dffb620dc0904a1c270e-1655380201968">b</ins>
</num>
<content>
<p>
<ins class="substitution key-22f8c1d1ffe9dffb620dc0904a1c270e-1655380201968">ensure the objectives of group supervision are achieved.</ins>
</p>
</content>
</subparagraph>
</paragraph>
<paragraph eId="regulation-36-5">
<num>
<ins class="substitution key-22f8c1d1ffe9dffb620dc0904a1c270e-1655380201968">5</ins>
</num>
<content>
<p>
<ins class="substitution key-22f8c1d1ffe9dffb620dc0904a1c270e-1655380201968 last">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.</ins>
</p>
</content>
</paragraph>
</hcontainer>
<hcontainer name="regulation" eId="regulation-36A" period="#period2">
<num>
<ins class="key-6611e3dfa7b3a430537afe7fabc7d2ed-1651237584717">36A</ins>
</num>
<heading>
<ins class="key-6611e3dfa7b3a430537afe7fabc7d2ed-1651237584717 first">
<noteRef href="#key-6611e3dfa7b3a430537afe7fabc7d2ed" marker="F1" class="commentary attribute F"/>
Parent undertakings outside the United Kingdom: levels
</ins>
</heading>
<paragraph eId="regulation-36A-1">
<num>
<ins class="key-6611e3dfa7b3a430537afe7fabc7d2ed-1651237584717">1</ins>
</num>
<intro>
<p>
<ins class="key-6611e3dfa7b3a430537afe7fabc7d2ed-1651237584717">Where the parent undertaking of an insurance undertaking or reinsurance undertaking with its head office outside the United Kingdom is itself a subsidiary of—</ins>
</p>
</intro>
<subparagraph eId="regulation-36A-1-a">
<num>
<ins class="key-6611e3dfa7b3a430537afe7fabc7d2ed-1651237584717">a</ins>
</num>
<content>
<p>
<ins class="key-6611e3dfa7b3a430537afe7fabc7d2ed-1651237584717">an insurance holding company or a mixed financial holding company which has its head office in a third country, or</ins>
</p>
</content>
</subparagraph>
<subparagraph eId="regulation-36A-1-b">
<num>
<ins class="key-6611e3dfa7b3a430537afe7fabc7d2ed-1651237584717">b</ins>
</num>
<content>
<p>
<ins class="key-6611e3dfa7b3a430537afe7fabc7d2ed-1651237584717">a third-country insurance or reinsurance undertaking,</ins>
</p>
</content>
</subparagraph>
<wrapUp>
<p>
<ins class="key-6611e3dfa7b3a430537afe7fabc7d2ed-1651237584717">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.</ins>
</p>
</wrapUp>
</paragraph>
<paragraph eId="regulation-36A-2">
<num>
<ins class="key-6611e3dfa7b3a430537afe7fabc7d2ed-1651237584717">2</ins>
</num>
<content>
<p>
<ins class="key-6611e3dfa7b3a430537afe7fabc7d2ed-1651237584717">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.</ins>
</p>
</content>
</paragraph>
<paragraph eId="regulation-36A-3">
<num>
<ins class="key-6611e3dfa7b3a430537afe7fabc7d2ed-1651237584717">3</ins>
</num>
<content>
<p>
<ins class="key-6611e3dfa7b3a430537afe7fabc7d2ed-1651237584717">Where paragraph (2) applies, regulation 35 applies with any necessary changes at that lower level.</ins>
</p>
</content>
</paragraph>
<paragraph eId="regulation-36A-4">
<num>
<ins class="key-6611e3dfa7b3a430537afe7fabc7d2ed-1651237584717">4</ins>
</num>
<content>
<p>
<ins class="key-6611e3dfa7b3a430537afe7fabc7d2ed-1651237584717 last">Where paragraph (2) applies, the PRA must explain its decision to the group to which the insurance undertaking or reinsurance undertaking belongs.</ins>
</p>
</content>
</paragraph>
</hcontainer>
</chapter>
<chapter eId="part-3-chapter-8" period="#period2">
<num>CHAPTER 8</num>
<heading>Mixed-activity insurance holding companies</heading>
<hcontainer name="regulation" eId="regulation-37" period="#period2">
<num>37</num>
<heading>Intra-group transactions</heading>
<paragraph eId="regulation-37-1">
<num>1</num>
<intro>
<p>This regulation applies where—</p>
</intro>
<subparagraph eId="regulation-37-1-a">
<num>a</num>
<content>
<p>the parent undertaking of one or more insurance undertakings or reinsurance undertakings in the group is a mixed-activity insurance holding company; and</p>
</content>
</subparagraph>
<subparagraph eId="regulation-37-1-b">
<num>b</num>
<content>
<p>the PRA supervises one or more of the insurance undertakings or reinsurance undertakings in the group.</p>
</content>
</subparagraph>
</paragraph>
<paragraph eId="regulation-37-2">
<num>2</num>
<intro>
<p>The PRA must exercise general supervision over transactions between—</p>
</intro>
<subparagraph eId="regulation-37-2-a">
<num>a</num>
<content>
<p>the mixed-activity holding company and its related undertakings; and</p>
</content>
</subparagraph>
<subparagraph eId="regulation-37-2-b">
<num>b</num>
<content>
<p>the insurance undertakings or reinsurance undertakings supervised by the PRA.</p>
</content>
</subparagraph>
</paragraph>
<paragraph eId="regulation-37-3">
<num>
<ins class="key-128611c6b2019b04a5e449bea8222146-1655381354874 first">
<noteRef href="#key-128611c6b2019b04a5e449bea8222146" marker="F67" class="commentary attribute F"/>
3
</ins>
</num>
<content>
<p>
<ins class="key-128611c6b2019b04a5e449bea8222146-1655381354874 last">The requirements in regulation 24 apply to the transactions specified in paragraph (2).</ins>
</p>
</content>
</paragraph>
</hcontainer>
</chapter>
</part>
</portionBody>
</portion>
</akomaNtoso>