The Solvency 2 Regulations 2015

PART 2 Amendments to other primary legislation

Friendly Societies Act 1992

19.—(1) The Friendly Societies Act 1992(1) is amended as follows.

(2) In section 52(2)(c)(i) (applications to court) for “the general insurance or the life assurance consolidation Directive” substitute “the Solvency 2 Directive”.

(3) In subsection (1) of section 119 (general interpretation)—

(a) omit the following definitions—

(i) “the life assurance consolidation Directive”;

(ii) “the first general insurance Directive”;

(iii) “the general insurance Directives”;

(iv) “the second general insurance Directive”;

(v) “the third general insurance Directive”;

(b) insert at the appropriate place—

““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);”.

(4) Omit subsections (1A), (1D) and (3) of section 119.

(5) In Schedule 15 (amalgamations, transfers of engagements and conversion: supplementary)—

(a) in paragraph 15(1)(c)(vi) for “Article 25 or 26 of the first general insurance Directive” substitute “Article 166 or 167 of the Solvency 2 Directive”;

(b) in paragraph 15A(1)(c)(v) for “Article 55 or 56 of the life assurance consolidation Directive” substitute “Article 166 or 167 of the Solvency 2 Directive”.

Finance Act 1997

20.—(1) Section 96 (demutualisation of insurance companies) of the Finance Act 1997(2) is amended as follows.

(2) In subsection (7)(b) for the words from “for the purposes of—” to the end of the paragraph substitute “for the purposes of Article 39 of the Solvency 2 Directive.”.

(3) In subsection (8)—

(a) omit the following definitions—

(i) “the life assurance consolidation directive”;

(ii) “the third non-life insurance directive”;

(b) insert at the appropriate place—

““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);”.

Terrorism Act 2000

21.—(1) The Terrorism Act 2000(3) is amended as follows.

(2) In Schedule 3A (regulated sector and supervisory authorities)—

(a) in paragraph 1(1)(c) for “the Life Assurance Consolidation Directive” substitute “the Solvency 2 Directive”;

(b) in paragraph 3(1)—

(i) omit the following definition—

“the Life Assurance Consolidation Directive”;

(ii) insert at the appropriate place—

““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).”.

(3) In paragraph 6(1)(i) of Schedule 6 (financial information) for “Article 4 or 51 of Directive 2002/83/EC of the European Parliament and of the Council of 5th November 2002 concerning life assurance” substitute “Article 14 or 162 of 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)”.

Capital Allowances Act 2001

22.  In section 560(5)(e) (transfer of insurance company business) of the Capital Allowances Act 2001(4), for “Article 14 of the Council Directive of 5 November 2002 concerning life assurance (2002/83/EC)” substitute “Article 39 of 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)”.

Proceeds of Crime Act 2002

23.—(1) Schedule 9 to the Proceeds of Crime Act 2002(5) is amended as follows.

(2) In paragraph 1(1)(c) for “the Life Assurance Directive” substitute “the Solvency 2 Directive”.

(3) In paragraph 3(1)—

(a) omit the definition of “the Life Assurance Consolidation Directive”;

(b) insert at the appropriate place—

““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);”.

Finance Act 2003

24.—(1) Section 63 (demutualisation of insurance company) of the Finance Act 2003(6) 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).”.

Companies Act 2006

25.  In section 843(8) (realised profits and losses of long-term insurance business) of the Companies Act 2006(7), for “Article 2.1(p) of Directive 2005/68/EC of the European Parliament and of the Council of 16 November 2005 on reinsurance and amending Council Directives 73/239/EEC, 92/49/EEC as well as Directives 98/78/EC and 2002/83/EC” substitute “Article 13(26) of 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)”.

Corporation Tax Act 2009

26.—(1) The Corporation Tax Act 2009(8) is amended as follows.

(2) In section 337(3A) (transfers of loans on insurance business transfers), for “Article 14 of the Council Directive of 5 November 2002 concerning life assurance (2002/83/EC)” substitute “Article 39 of 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)”.

(3) In section 636(3) (modifications of Chapter 5), for “Article 14 of the Council Directive of 5 November 2002 concerning life assurance (2002/83/EC)” substitute “Article 39 of 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)

1992 c. 40.

(2)

1997 c. 16.

(3)

2000 c. 11.

(4)

2001 c. 2.

(5)

2002 c. 29.

(6)

2003 c. 14.

(7)

2006 c. 46.

(8)

2009 c. 4.