Search Legislation

Advanced Search

The Solvency 2 Regulations 2015

Status:

This is the original version (as it was originally made).

Exceptions to the rule for deciding the group supervisor

This section has no associated Explanatory Memorandum

27.—(1) Notwithstanding regulation 26—

(a)the PRA is the group supervisor of a group if all the supervisory authorities concerned take a joint decision that the PRA should be the group supervisor; and

(b)the PRA must recognise a joint decision taken by all the supervisory authorities that a supervisory authority other than the PRA should be the group supervisor of a group.

(2) The PRA may ask the other supervisory authorities concerned to consider whether—

(a)the criteria specified in paragraph 2 of Article 247 of the Solvency 2 Directive are appropriate for determining which supervisory authority should be the group supervisor; and

(b)a supervisory authority other than the supervisory authority satisfying those criteria should be the group supervisor.

(3) The PRA may not make a request referred to in paragraph (2) more than once a year.

(4) Where the supervisory authorities are considering (whether at the request of the PRA or another supervisory authority) whether the criteria are appropriate or whether a particular supervisory authority should be group supervisor—

(a)the PRA must do everything in its power to reach a joint decision on the request within a period of three months commencing on the date of the request;

(b)the PRA must permit the group concerned to give its opinion on the request;

(c)the PRA may refer the matter to EIOPA in accordance with Article 19 of the EIOPA Regulation within a period of three months beginning with the date of the request;

(d)where the matter is referred to EIOPA, the PRA must take a joint decision in accordance with any decision taken by EIOPA;

(e)where the matter is not referred to EIOPA or EIOPA take no decision on such a referral, the PRA may take a joint decision with the other supervisory authorities that—

(i)the criteria referred to in paragraph (2)(a) are inappropriate, taking into account the structure of the group and the relative importance of the activities of insurance undertakings and reinsurance undertakings in the different countries; and

(ii)a supervisory authority other than the supervisory authority satisfying the criteria should be the group supervisor; and

(f)where the joint decision designates the PRA as the group supervisor, the PRA must provide a copy of the decision to the group stating the full reasons for the decision.

Back to top

Options/Help

Print Options

Close

Legislation is available in different versions:

Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.

Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.

Close

Opening Options

Different options to open legislation in order to view more content on screen at once

Close

Explanatory Memorandum

Explanatory Memorandum sets out a brief statement of the purpose of a Statutory Instrument and provides information about its policy objective and policy implications. They aim to make the Statutory Instrument accessible to readers who are not legally qualified and accompany any Statutory Instrument or Draft Statutory Instrument laid before Parliament from June 2004 onwards.

Close

More Resources

Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • correction slips
  • links to related legislation and further information resources
Close

Impact Assessments

Impact Assessments generally accompany all UK Government interventions of a regulatory nature that affect the private sector, civil society organisations and public services. They apply regardless of whether the regulation originates from a domestic or international source and can accompany primary (Acts etc) and secondary legislation (SIs). An Impact Assessment allows those with an interest in the policy area to understand:

  • Why the government is proposing to intervene;
  • The main options the government is considering, and which one is preferred;
  • How and to what extent new policies may impact on them; and,
  • The estimated costs and benefits of proposed measures.
Close

More Resources

Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as made version that was used for the print copy
  • correction slips

Click 'View More' or select 'More Resources' tab for additional information including:

  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • links to related legislation and further information resources