4. FSMA 2000 is amended as set out in this Part.
5. In section 165 (power to require information: authorised persons etc) in subsection (7)(e)(1) for “, reinsurance undertaking or third-country insurance undertaking” substitute “or reinsurance undertaking”.
6. In section 167 (appointment of persons to carry out general investigations), in subsection (2)(c)(2) for “, reinsurance undertaking or third-country insurance undertaking” substitute “or reinsurance undertaking”.
7. In section 417(1) (definitions)—
(a)for the definition of “insurance undertaking”(3) substitute—
““insurance undertaking” means—
an undertaking which is authorised by or under this Act to carry on the regulated activity of effecting or carrying out contracts of insurance as principal, or
the association of underwriters known as Lloyd’s;”;
(b)omit the definition of “minimum capital requirement”(4);
(c)for the definition of “reinsurance undertaking”(5) substitute—
““reinsurance undertaking” means—
an undertaking which is authorised by or under this Act to carry on the regulated activity of effecting or carrying out contracts of insurance that are limited to reinsurance contracts as principal, or
the association of underwriters known as Lloyd’s;”;
(d)omit the definition of “solvency capital requirement”(6);
(e)omit the definition of “third-country insurance undertaking”(7).
8. In section 425 (expressions relating to authorisation in the single market), in subsection (1)(a) omit ““, Solvency 2 Directive””(8).
9. In Schedule 3 (EEA passport rights), in Part 1 (defined terms)(9)—
(a)in paragraph 1, omit sub-paragraph (c);
(b)omit paragraph 3;
(c)in paragraph 5, omit sub-paragraphs (d) and (da).
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)(10)—
(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—
has its head office in Gibraltar; and
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—
has its head office in Gibraltar; and
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—
is established in a country or territory other than—
the United Kingdom, or
Gibraltar;
is not an authorised person;
is not an authorised person for the purposes of the Financial Services Act 2019 of Gibraltar; and
effects or carries out contracts of insurance as principal;
“overseas reinsurance undertaking” means a person who—
is established in a country or territory other than—
the United Kingdom, or
Gibraltar;
is not an authorised person;
is not an authorised person for the purposes of the Financial Services Act 2019 of Gibraltar; and
effects or carries out contracts of insurance that are limited to reinsurance contracts as principal.”.
Section 165(7)(e) was inserted by S.I. 2015/575.
Section 167(2)(c) was inserted by S.I. 2015/575.
The definition of “insurance undertaking” was inserted by S.I. 2015/575 and substituted by S.I. 2019/632.
The definition of “minimum capital requirement” was inserted by S.I. 2015/575.
The definition of “reinsurance undertaking” was inserted by S.I. 2015/575 and substituted by S.I. 2019/632.
The definition of “solvency capital requirement” was inserted by S.I. 2015/575.
The definition of “third-country insurance undertaking” was inserted by S.I. 2015/575.
Relevant amendments were made to section 425(1)(a) by S.I. 2015/575.
Relevant amendments to Schedule 3 were made by S.I. 2015/575.
Paragraph 4A(7) was inserted by S.I. 2019/632.