The Gibraltar (Miscellaneous Amendments) (EU Exit) Regulations 2019

2.  Regulation 2(1) applies as if—

(a) for the definition of “branch” there were substituted—

““branch” means a permanent presence of a UK insurer or a Gibraltarian insurer which is located in the territory of a country other than—

(a)

the United Kingdom (in the case of a UK insurer);

(b)

Gibraltar (in the case of a Gibraltarian insurer);”;

(b) in the definition of “directive reorganisation measure”, the reference in Article 268(1)(c) of the Solvency 2 Directive to competent authorities were a reference to competent authorities in the United Kingdom or in Gibraltar;

(c) in the definition of “directive winding up proceedings”, the reference in Article 268(1)(d) of the Solvency 2 Directive to competent authorities were a reference to competent authorities in the United Kingdom or in Gibraltar;

(d) the definitions of “EEA creditor”, “EEA insurer”, “EEA regulator” and “EEA State” were omitted;

(e) in the appropriate places there were inserted—

““Gibraltarian insurer” means an undertaking pursuing the activity of direct insurance (within the meaning of the Solvency 2 Directive) which has received authorisation under the law of Gibraltar which was relied on by Gibraltar before exit day to implement Article 14 or Article 162 of the Solvency 2 Directive from the Gibraltarian regulator;

“Gibraltarian regulator” means the Gibraltar Financial Services Commission;”;

(f) for the definition of “home state regulator” there were substituted—

““home state regulator” in relation to a Gibraltarian insurer, means the Gibraltar Financial Services Commission;”;

(g) the definition of “official language” were omitted;

(h) in the definition of “the Solvency 2 Directive”, at the end there were inserted “as it had effect immediately before exit day”.

(1)

Regulation 2 was amended by S.I. 2007/108 and 2015/575. There are other amendments which are not relevant to this instrument.