The Insurance and Reinsurance Undertakings (Overseas Insurance Regime, Transitional Provisions, etc.) Regulations 2024

Amendments to the Financial Services and Markets Act 2000 (Excluded Activities and Prohibitions) Order 2014

2.  In article 1(4) of the Financial Services and Markets Act 2000 (Excluded Activities and Prohibitions) Order 2014(1) (interpretation)—

(a) for the definition of “global systemically important insurer” substitute—

““global systemically important insurer” means an insurance undertaking or reinsurance undertaking which is included on the list of global systemically important insurers published by the Financial Stability Board on 18 July 2013, or on any updated version of that list or supplementary list of such undertakings published by the Financial Stability Board, and any subsidiary undertaking of any such undertaking provided that the subsidiary undertaking is also an insurance undertaking or reinsurance undertaking;”;

(b) in the definition of “mixed financial holding company” omit “a third country insurance undertaking whose head office is located in an EEA state” in both places where it occurs;

(c) omit the definition of “third country insurance undertaking”;

(d) omit the definition of “third country reinsurance undertaking”.

(1)

S.I. 2014/2080, amended by S.I. 2016/1032 and S.I. 2019/632.