PART 3Savings: Gibraltar groups and undertakings

Saving for Gibraltar groups and undertakings3

1

The relevant legislation applies in relation to a Gibraltar group or a Gibraltar undertaking on and after 31st December 2024, as if it had not been revoked, and paragraph (2) applies.

2

The relevant legislation is to be read with any modifications necessary to ensure that the relevant legislation continues to apply in relation to a Gibraltar group or a Gibraltar undertaking on and after 31st December 2024 as it had effect immediately before 31st December 2024 in relation to a Gibraltar group or a Gibraltar undertaking, as if it had not been revoked.

3

The “relevant legislation” means—

a

Part 3 of the Solvency 2 Regulations 2015 (groups)6;

b

regulations 4C and 4D of the Solvency 2 Regulations 2015 (powers and procedure in relation to Gibraltar undertakings)7; and

c

any other legislation revoked by the Commencement Regulations which is referred to in, applies by virtue of, or modifies the legislation listed in sub-paragraphs (a) and (b).

4

This regulation ceases to have effect immediately after Schedule 2A to the Financial Services and Markets Act 20008 comes fully into force.

5

In this regulation—

  • “Commencement Regulations” means the Financial Services and Markets Act 2023 (Commencement No. 6) Regulations 20249;

  • “Gibraltar group” means a group that—

    1. a

      falls within regulation 9A(a), (b) or (c) of the Solvency 2 Regulations 201510, and

    2. b

      includes a Gibraltar undertaking falling within regulation 9A(a), (b) or (c) of the Solvency 2 Regulations 2015;

  • “Gibraltar insurance undertaking” means an undertaking which—

    1. a

      has its head office in Gibraltar, and

    2. b

      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 Gibraltar11;

  • “Gibraltar reinsurance undertaking” means an undertaking which—

    1. a

      has its head office in Gibraltar, and

    2. b

      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;

    a “Gibraltar undertaking” is either of the following—

    1. a

      a Gibraltar insurance undertaking, or

    2. b

      a Gibraltar reinsurance undertaking;