SCHEDULE 1Amendments to primary legislation

PART 1Amendments to FSMA

15

In section 417 (definitions), in subsection (1), insert at the appropriate place in each case—

  • “insurance undertaking” has the meaning given in Article 13(1) of the Solvency 2 Directive;

  • “minimum capital requirement” means—

    1. a

      in relation to an insurance undertaking or reinsurance undertaking, requirements imposed by or under this Act in pursuance of Section 5 of Chapter 6 of Title 1 of the Solvency 2 Directive;

    2. b

      in relation to a third-country insurance undertaking, requirements imposed by or under this Act in pursuance of those provisions and Article 166 of the Solvency 2 Directive.

  • “reinsurance undertaking” has the meaning given in Article 13(4) of the Solvency 2 Directive;

  • “solvency capital requirement” means—

    1. a

      in relation to an insurance undertaking or reinsurance undertaking, requirements imposed by or under this Act in pursuance of Section 4 of Chapter 6 of Title 1 of the Solvency 2 Directive;

    2. b

      in relation to a third-country insurance undertaking, requirements imposed by or under this Act in pursuance of those provisions and Article 166 of the Solvency 2 Directive.

  • “third-country insurance undertaking” means an undertaking that has received authorisation under Article 162 of the Solvency 2 Directive from the PRA or the FCA;