The Solvency 2 Regulations 2015
PART 1
1Citation and commencement
2Interpretation
PART 2
3Exercise of PRA and FCA functions
4Review of capital add-ons
5Passporting: notification of home state regulator
6EIOPA: information
7EIOPA and EBA: notifications
8Other EEA States: information
9Non-compliance with the minimum capital requirement: provision of information to other supervisory authorities
PART 3
CHAPTER 1
10Risk concentration and intra-group transactions
11Equivalent provisions
12Exclusion of undertaking from group supervision
CHAPTER 2
13Supervision of parents and subgroups at national level: substantive powers
14Supervision of parents and subgroups at national level: procedure
CHAPTER 3
15Supervision of group solvency and frequency of calculation
16Choice of method
17Inclusion of proportional share
18Related undertakings: calculation of group solvency
19Participating undertakings: calculation of group solvency
20Internal models and capital add-ons
21Subsidiaries: solvency capital requirement
22Subsidiaries: non-compliance with the solvency and minimum capital requirements
23Subsidiaries: revocation of approval for applying Articles 238 and 239 of the Solvency 2 Directive
CHAPTER 4
24Supervision of risk concentration and intra-group transactions
CHAPTER 5
25Supervision of system of governance
CHAPTER 6
26Rule for deciding the group supervisor
27Exceptions to the rule for deciding the group supervisor
28Duties of group supervisor and establishment of college of supervisors
29Cooperation and exchange of information between supervisory authorities
30Consultation between supervisory authorities
31Access to information
32Verification of information
33Group solvency and financial condition report
34Enforcement measures
CHAPTER 7
35Non-EEA solvency 2 parent undertakings: equivalence
36Parent undertaking outside the EEA: absence of equivalence
CHAPTER 8
37Intra-group transactions
PART 4
CHAPTER 1
38Meaning of “approval”, “group application”, “protected item” and “branch”
39Applications: eligibility, process, information and documents
40Additional process: applications from groups and applications to more than one supervisory authority
CHAPTER 2
41Verification that the Solvency 2 Directive does not apply
42Matching adjustment
43Volatility adjustment
44Supervisory approval of ancillary own-funds
45Eligible own funds for an intermediate insurance holding company
46Classification of funds
47Basic Solvency Capital Requirement
48Models
49Group applications
50Third-country insurance undertakings: approval of supervision in more than one EEA State
51Withdrawal of authorisation for third-country insurance undertakings authorised in more than one EEA State
52Subsidiaries: application of Articles 238 and 239 of the Solvency 2 Directive
53Transitional measures on risk-free interest rates
54Transitional measures on technical provisions
CHAPTER 3
55Decisions: written notices
56Appeals
57Publication of written notices
CHAPTER 4
58Modification or waiver of rules
PART 5
59Amendments
60Schedule 2, which contains amendments to secondary legislation, has effect....
SCHEDULE 1Amendments to primary legislation
PART 1Amendments to FSMA
1FSMA is amended as follows.
2(1) Section 55J (variation or cancellation on initiative of regulator)...
3After section 55K (investment firms: particular conditions that enable cancellation),...
4After section 55P (prohibitions and restrictions), insert— Assets requirements imposed...
5In section 105 (insurance business transfer schemes), in subsection (3),...
6(1) Section 116 (effect of insurance business transfers authorised in...
7In section 165(7) (regulators’ power to require information: authorised persons...
8(1) Section 167 (appointment of persons to carry out general...
9In section 190(4) (requests for further information), for paragraph (b)...
10In section 194 (general grounds on which power of intervention...
11(1) Section 198 (power to apply to court for injunction...
12In section 316 (direction by a regulator), in subsection (4)(b)(i),...
13In section 367(3) (winding up petitions), before paragraph (a), insert—...
14In section 405(5) (directions), omit paragraphs (c) and (d).
15In section 417 (definitions), in subsection (1), insert at the...
16In section 425(1)(a) (expressions relating to authorisation elsewhere in the...
17(1) Schedule 3 (EEA passport rights) is amended as follows....
18(1) Schedule 12 (transfer schemes: certificates) is amended as follows....
PART 2Amendments to other primary legislation
19Friendly Societies Act 1992
20Finance Act 1997
21Terrorism Act 2000
22Capital Allowances Act 2001
23Proceeds of Crime Act 2002
24Finance Act 2003
25Companies Act 2006
26Corporation Tax Act 2009
SCHEDULE 2Amendments to secondary legislation
1Insolvency (Scotland) Rules 1986
2Companies (1986 Order) (Insurance Companies Accounts) Regulations (Northern Ireland) 1994
3Mineworkers’ Pension Scheme (Modification) Regulations 1994
4Industry-Wide Mineworkers’ Pension Scheme Regulations 1994
5Insurance Companies (Overseas Life Assurance Business) (Compliance) Regulations 1995
6Occupational Pension Schemes (Scheme Administration) Regulations 1996
7Occupational Pension Schemes (Scheme Administration) Regulations (Northern Ireland) 1997
8Individual Savings Account Regulations 1998
9Competition Act 1998 (Small Agreements and Conduct of Minor Significance) Regulations 2000
10Competition Act 1998 (Determination of Turnover for Penalties) Order 2000
11Financial Services and Markets Act 2000 (Regulated Activities) Order 2001
12The Financial Services and Markets Act 2000 (Disclosure of Confidential Information) Regulations 2001
13Financial Services and Markets Act 2000 (EEA Passport Rights) Regulations 2001
14Financial Services and Markets Act 2000 (Law Applicable to Contracts of Insurance) Regulations 2001
15The Financial Services and Markets Act 2000 (Control of Business Transfers) (Requirements on Applicants) Regulations 2001 (Article 39)
16Enterprise Act 2002 (Merger Fees and Determination of Turnover) Order 2003
17Insurers (Reorganisation and Winding Up) Regulations 2004
18Child Trust Funds Regulations 2004
19Financial Conglomerates and Other Financial Groups Regulations 2004
20Pension Protection Fund (Entry Rules) Regulations (Northern Ireland) 2005
21Occupational Pension Schemes (Investment) Regulations (Northern Ireland) 2005
22Pension Protection Fund (Entry Rules) Regulations 2005
23Insurers (Reorganisation and Winding Up) (Lloyd’s) Regulations 2005
24Occupational Pension Schemes (Investment) Regulations 2005
25Money Laundering Regulations 2007
26Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008
27Insurance Accounts Directive (Miscellaneous Insurance Undertakings) Regulations 2008
28Payment Services Regulations 2009
29Mutual Societies (Transfers) Order 2009
30Financial Services and Markets Act 2000 (Controllers) (Exemption) Order 2009
31Financial Services and Markets Act 2000 (Law Applicable to Contracts of Insurance) Regulations 2009
32Occupational and Personal Pension Schemes (Automatic Enrolment) Regulations (Northern Ireland) 2010
33Occupational and Personal Pension Schemes (Automatic Enrolment) Regulations 2010
34Electronic Money Regulations 2011
35Bank of England Act 1998 (Macro-prudential Measures) Order 2013
36Enterprise Act 2002 (Mergers) (Interim Measures: Financial Penalties) (Determination of Control and Turnover) Order 2014
SCHEDULE 3Parent undertakings outside the EEA: equivalence
1This Schedule specifies the procedure for verifying whether the insurance...
2The PRA must follow the procedure set out in Flowchart...
3Flowchart 1 also imposes duties and confers powers on the...
4Where reference is made to this paragraph in Flowchart 1,...
5In this schedule, “acting group supervisor” means the supervisory authority...
SCHEDULE 4Procedure for an application for a subsidiary to be subject to national law implementing Articles 238 and 239 of the Solvency 2 Directive
1When the PRA receives an application referred to in the...
2Flowchart 2 also imposes duties and confers powers on the...
3In Flowchart 2— (a) “college” means the college of supervisory...
SCHEDULE 5Procedure for group applications
1When the PRA receives a group application, the PRA must...
2Flowchart 3 also imposes duties and confers powers on the...
3In Flowchart 3— (a) “college” means the college of supervisory...
2015 No. 575
Financial Services And Markets

The Solvency 2 Regulations 2015

Made
Laid before Parliament
Coming into force in accordance with regulation 1
The Treasury are a government department designated1 for the purposes of section 2(2) of the European Communities Act 19722 in relation to financial services.

The Treasury, in exercise of the powers conferred upon them by section 2(2) of the European Communities Act 1972, make the following Regulations: