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The Insurance and Reinsurance Undertakings (Prudential Requirements) (Amendment and Miscellaneous Provisions) Regulations 2024

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Draft Legislation:

This is a draft item of legislation and has not yet been made as a UK Statutory Instrument.

Amendments to Schedule 6 (threshold conditions)

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10.  In Schedule 6 (threshold conditions), in Part 1D (Part 4A permission: conditions for which the PRA is responsible in relation to insurers etc.), in paragraph 4A—

(a)in sub-paragraph (7)(1)—

(i)for “third country insurance or reinsurance undertakings” substitute “overseas insurance undertakings or overseas reinsurance undertakings”;

(ii)for “Gibraltarian insurance or reinsurance undertakings” substitute “Gibraltar insurance undertakings or Gibraltar reinsurance undertakings”;

(iii)omit from “; and for these purposes” to the end.

(b)after sub-paragraph (7) insert—

“(8) In this paragraph—

“Gibraltar insurance undertaking” means an undertaking which—

(a)

has its head office in Gibraltar; and

(b)

is authorised by the Gibraltar Financial Services Commission to effect or carry out contracts of insurance (other than contracts of reinsurance) under paragraph 24 of Schedule 2 to the Financial Services Act 2019 of Gibraltar;

“Gibraltar reinsurance undertaking” means an undertaking which—

(a)

has its head office in Gibraltar; and

(b)

is authorised by the Gibraltar Financial Services Commission to effect or carry out contracts of insurance that are limited to reinsurance contracts under paragraph 24 of Schedule 2 to the Financial Services Act 2019 of Gibraltar;

“overseas insurance undertaking” means a person who—

(a)

is established in a country or territory other than—

(i)

the United Kingdom, or

(ii)

Gibraltar;

(b)

is not an authorised person;

(c)

is not an authorised person for the purposes of the Financial Services Act 2019 of Gibraltar; and

(d)

effects or carries out contracts of insurance as principal;

“overseas reinsurance undertaking” means a person who—

(a)

is established in a country or territory other than—

(i)

the United Kingdom, or

(ii)

Gibraltar;

(b)

is not an authorised person;

(c)

is not an authorised person for the purposes of the Financial Services Act 2019 of Gibraltar; and

(d)

effects or carries out contracts of insurance that are limited to reinsurance contracts as principal.”.

(1)

Paragraph 4A(7) was inserted by S.I. 2019/632.

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