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The Solvency 2 Regulations 2015
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- UK Statutory Instruments
- 2015 No. 575
- PART 3
- CHAPTER 6
- Regulation 28
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Changes over time for: Section 28
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The Solvency 2 Regulations 2015, Section 28 is up to date with all changes known to be in force on or before 22 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.
Changes to Legislation
Revised legislation carried on this site may not be fully up to date. Changes and effects are recorded by our editorial team in lists which can be found in the ‘Changes to Legislation’ area. Where those effects have yet to be applied to the text of the legislation by the editorial team they are also listed alongside the legislation in the affected provisions. Use the ‘more’ link to open the changes and effects relevant to the provision you are viewing.
Changes and effects yet to be applied to Regulation 28:
- Regulations transitional provision for revocation of S.I. 2015/575 by S.I. 2024/594, reg. 7, Sch. (as inserted) by S.I. 2024/1116 reg. 5 Sch.
- reg. 28(2) excluded (temp.) by S.I. 2019/407, reg. 13 (as inserted) by S.I. 2019/710 reg. 41 (This amendment not applied to legislation.gov.uk. Reg. 41 omitted immediately before IP completion day by virtue of S.I. 2020/1385, regs. 1(4), 64(5))
Duties of group supervisor F1...U.K.
This section has no associated Explanatory Memorandum
28.—(1) [F2Subject to paragraph (3), paragraph (2) applies] where the PRA is the group supervisor [F3of a type of group referred to in regulation 9A(a) or (b)] , F4....
(2) The PRA must—
F5(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 F6...;
(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 [F7are fit and proper to carry out their functions];
F8(f). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(g)[F9determine applications for] an internal model at group level as set out in regulation 49;
F10(h). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(i)carry out the other tasks, measures and decisions assigned to the group supervisor by the [F11United Kingdom law which implemented the] Solvency 2 Directive.
[F12(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).]
F13(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F13(4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F13(5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F13(6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F13(7) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F13(8) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F1Words 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))
F2Words 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)
F3Words 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))
F4Words 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))
F5Reg. 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))
F6Words 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))
F7Words 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))
F8Reg. 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))
F9Words 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))
F10Reg. 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))
F11Words 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))
F12Reg. 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)
F13Reg. 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))
Modifications etc. (not altering text)
C1Reg. 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))
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