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

Approvals U.K.

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

F1 Reg. 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

I1 Reg. 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)