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

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Changes to legislation:

The Solvency 2 and Insurance (Amendment, etc.) (EU Exit) Regulations 2019, Section 10 is up to date with all changes known to be in force on or before 05 November 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. Help about Changes to Legislation

ApprovalsU.K.

This section has no associated Explanatory Memorandum

10.—(1) Part 4 (approvals) is amended as follows.

(2) In regulation 38 (meaning of “approval”, “group application”, “protected item” and “branch”)—

(a)in the heading, for “, “protected item” and “branch”” substitute “and “protected item””;

[F1(b)in paragraph (1)—

(i)omit “and in Schedules 4 and 5”;

(ii)in sub-paragraph (i) of the definition of “group application”, for “and reinsurance undertakings” substitute “ , reinsurance undertakings, Gibraltarian insurance undertakings and Gibraltarian reinsurance undertakings ”.]

(c)omit paragraph (2).

(3) In regulation 39 (applications: eligibility, process, information and documents)—

(a)in paragraph (3), for “Subject to paragraph (9) an” substitute “ An ”;

(b)in paragraph (8)(a), after “directly applicable regulation” insert “ that forms part of retained EU law ”;

(c)omit paragraph (9);

(d)in paragraph (10)(d), for “capital requirements specified in Sections 4 and 5 of Chapter 6 of Title 1 of the Solvency 2 Directive” substitute “ solvency capital requirement and minimum capital requirement ”.

(4) Omit regulation 40 (additional process: applications from groups and applications to more than one supervisory authority).

(5) In regulation 41 (verification that the Solvency 2 Directive does not apply) for “Article 4(4) of the Solvency 2 Directive”, in both place it occurs, substitute “ the United Kingdom law which implemented Article 4(4) of the Solvency 2 Directive ”.

(6) In regulation 42 (matching adjustment)—

(a)in paragraph (4)(j)(ii) for “rules implementing, and any directly applicable regulation made under, Article 75 of the Solvency 2 Directive” substitute “ rules 2.1 and 2.2 of the Valuation part of the PRA Rulebook ”;

(b)in paragraph (7)—

(i)at the end of sub-paragraph (a) insert “ and ”;

(ii)in sub-paragraph (b) omit “which has not been granted an approval under regulation 50”;

(iii)at the end of sub-paragraph (b) omit “and”;

(iv)omit sub-paragraph (c).

(7) In regulation 43 (volatility adjustment), in paragraph (5)—

(a)in sub-paragraph (a), before “the Solvency 2 Directive” insert “ the United Kingdom law which implemented ”;

(b)in sub-paragraph (b), after “a directly applicable regulation made under the Solvency 2 Directive” insert “ which forms part of retained EU law ”.

(8) In regulation 49 (group applications), for paragraph (2) substitute “ The PRA may approve an application made under paragraph (1). ”

(9) Omit regulations 50 (third-country insurance undertakings: approval of supervision in more than one EEA State), 51 (withdrawal of authorisation for third-country insurance undertakings authorised in more than one EEA State) and 52 (subsidiaries: application of Article 238 and 239 of the Solvency 2 Directive).

(10) Omit Schedules 4 (procedure for an application for a subsidiary to be subject to national law implementing Articles 238 and 239 of the Solvency 2 Directive) and 5 (procedure for group applications).

Textual Amendments

F1Reg. 10(2)(b) substituted (31.12.2020 immediately before IP completion day) by The Gibraltar (Miscellaneous Amendments) (EU Exit) Regulations 2019 (S.I. 2019/680), regs. 1(3), 10(5); 2020 c. 1, Sch. 5 para. 1(1)

Commencement Information

I1Reg. 10 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

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