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The Solvency 2 Regulations 2015
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- 2015 No. 575
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Changes over time for: The Solvency 2 Regulations 2015 (without Schedules)
No longer has effect: 31/03/2015
Alternative versions:
- 31/03/2015- Amendment
- 01/01/2016
Point in time - Stop date 31/03/2015- Amendment
- 01/01/2016
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Point in time view as at 01/01/2016.
Changes to legislation:
There are currently no known outstanding effects for the The Solvency 2 Regulations 2015.
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PART 1 U.K.Citation, commencement and interpretation
Citation and commencementU.K.
InterpretationU.K.
Marginal Citations
M1OJ no L331, 15.12.2010, p. 48.
M2OJ no L035, 11.02.2003, p.1.
M4OJ no L335, 17.12.2009, p.1, as amended by Directive 2011/89/EU (OJ no L326, 8.12.2011, p. 113), Directive 2012/23/EU (OJ no L249, 14.9.2013, p. 1), Directive 2013/23/EU (OJ no L158, 10.6.2013, p. 362), Directive 2013/58/EU (OJ no L341, 18.12.2013, p. 1) and Directive 2014/51/EU (OJ no L153, 22.5.2014, p. 1).
M5“FCA”, “insurance undertaking”, “PRA”, “reinsurance undertaking”, “rule” and “Tribunal” are defined in section 417 and “EEA State” is defined in Part 1 of Schedule 3.
M6“Branch”, “parent undertaking”, “reinsurance” and “supervisory authority” are defined in Article 13.
PART 2 U.K.Supervision
Exercise of PRA and FCA functionsU.K.
Review of capital add-onsU.K.
Passporting: notification of home state regulatorU.K.
EIOPA: informationU.K.
EIOPA and EBA: notificationsU.K.
Other EEA States: informationU.K.
Non-compliance with the minimum capital requirement: provision of information to other supervisory authoritiesU.K.
PART 3 U.K.Groups
CHAPTER 1U.K.Cases of application and scope
Risk concentration and intra-group transactionsU.K.
Equivalent provisionsU.K.
Exclusion of undertaking from group supervisionU.K.
CHAPTER 2U.K.Levels
Supervision of parents and subgroups at national level: substantive powersU.K.
Supervision of parents and subgroups at national level: procedureU.K.
CHAPTER 3U.K.Group Solvency
Supervision of group solvency and frequency of calculationU.K.
Choice of methodU.K.
Inclusion of proportional shareU.K.
Related undertakings: calculation of group solvencyU.K.
Participating undertakings: calculation of group solvencyU.K.
Internal models and capital add-onsU.K.
Subsidiaries: solvency capital requirementU.K.
Subsidiaries: non-compliance with the solvency and minimum capital requirementsU.K.
Subsidiaries: revocation of approval for applying Articles 238 and 239 of the Solvency 2 DirectiveU.K.
CHAPTER 4U.K.Risk concentration and intra-group transactions
Supervision of risk concentration and intra-group transactionsU.K.
CHAPTER 5U.K.Risk management and internal control
Supervision of system of governanceU.K.
CHAPTER 6U.K.Measures to facilitate group supervision
Rule for deciding the group supervisorU.K.
Exceptions to the rule for deciding the group supervisorU.K.
Duties of group supervisor and establishment of college of supervisorsU.K.
Cooperation and exchange of information between supervisory authoritiesU.K.
Consultation between supervisory authoritiesU.K.
Access to informationU.K.
Verification of informationU.K.
Group solvency and financial condition reportU.K.
Enforcement measuresU.K.
CHAPTER 7U.K.Third countries
Non-EEA solvency 2 parent undertakings: equivalenceU.K.
Parent undertaking outside the EEA: absence of equivalenceU.K.
CHAPTER 8U.K.Mixed-activity insurance holding companies
Intra-group transactionsU.K.
PART 4 U.K.Approvals
CHAPTER 1U.K.Procedure: applications
Meaning of “approval”, “group application”, “protected item” and “branch”U.K.
Marginal Citations
M7See Article 231 of the Solvency 2 Directive.
M8See Article 233(5) of the Solvency 2 Directive.
Applications: eligibility, process, information and documentsU.K.
Additional process: applications from groups and applications to more than one supervisory authorityU.K.
Marginal Citations
M9Referred to in Articles 236(e) and 237 of the Solvency 2 Directive.
CHAPTER 2U.K.Specific Approvals
Verification that the Solvency 2 Directive does not applyU.K.
Matching adjustmentU.K.
Volatility adjustmentU.K.
Supervisory approval of ancillary own-fundsU.K.
Eligible own funds for an intermediate insurance holding companyU.K.
Classification of fundsU.K.
Basic Solvency Capital RequirementU.K.
ModelsU.K.
Group applicationsU.K.
Third-country insurance undertakings: approval of supervision in more than one EEA StateU.K.
Withdrawal of authorisation for third-country insurance undertakings authorised in more than one EEA StateU.K.
Subsidiaries: application of Articles 238 and 239 of the Solvency 2 DirectiveU.K.
Transitional measures on risk-free interest ratesU.K.
Marginal Citations
M10OJ No L345, 19.12.02, p 1.
Transitional measures on technical provisionsU.K.
Marginal Citations
CHAPTER 3U.K.Procedure: decisions, appeals and notices
Decisions: written noticesU.K.
AppealsU.K.
Publication of written noticesU.K.
CHAPTER 4U.K.Rule waivers
Modification or waiver of rulesU.K.
PART 5 U.K.Amendments
AmendmentsU.K.
David Evennett
John Penrose
Two of the Lords Commissioners of Her Majesty's Treasury
6th March 2015
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