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There are currently no known outstanding effects for the The Solvency 2 Regulations 2015, CHAPTER 4.
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58.—(1) In this regulation, “rule” means a rule made by the PRA under Part 9A of FSMA.
(2) Where the PRA approves an application from an insurance undertaking, reinsurance undertaking or third-country insurance undertaking under regulation F1... 43, 53 or 54, the PRA must direct that any rule to which the undertaking is subject—
(a)is not to apply to that undertaking; or
(b)is to apply to that undertaking with modifications,
to the extent necessary to give effect to that approval.
(3) Where the approval referred to in paragraph (2) is varied or revoked, the PRA must vary or revoke the direction referred to in paragraph (2) to the extent necessary to give effect to the variation or revocation of the approval.
(4) This regulation is without prejudice to the generality of section 138A of FSMA.
Textual Amendments
F1Word in reg. 58(2) omitted (30.6.2024) by virtue of The Insurance and Reinsurance Undertakings (Prudential Requirements) (Transitional Provisions and Consequential Amendments) Regulations 2024 (S.I. 2024/594), regs. 1(2), 4(4) (with reg. 3)
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