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The Solvency 2 Regulations 2015
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Finance Act 2003
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24.—(1) Section 63 (demutualisation of insurance company) of the Finance Act 2003(1) is amended as follows.
(2) For paragraph (b) of subsection (2) substitute—
“(b)it is a transfer of business of a general insurance company carried on through a permanent establishment in the United Kingdom and takes place in accordance with authorisation granted outside the United Kingdom for the purposes of the Solvency 2 Directive, and the requirements of subsection (3) and (4) are met in relation to the shares of a company (“the issuing company”) which is either the acquiring company or a company of which the acquiring company is a wholly-owned subsidiary.”.
(3) In subsection (7) omit the following definitions—
(a)“the life assurance Directive”;
(b)“the 3rd non-life insurance Directive”.
(4) In subsection (7) insert at the end—
““the Solvency 2 Directive” means Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II).”.
(1)
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