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The Solvency 2 Regulations 2015
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The Solvency 2 Regulations 2015, Paragraph 5 is up to date with all changes known to be in force on or before 22 November 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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Changes and effects yet to be applied to Schedule 2 Paragraph 5:
- Regulations transitional provision for revocation of S.I. 2015/575 by S.I. 2024/594, reg. 7, Sch. (as inserted) by S.I. 2024/1116 reg. 5 Sch.
Insurance Companies (Overseas Life Assurance Business) (Compliance) Regulations 1995U.K.
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5.—(1) The Insurance Companies (Overseas Life Assurance Business) (Compliance) Regulations 2004 M1 are amended as follows.
(2) In regulation 2 (interpretation), in paragraph (1)—
(a)omit the definition of “the Consolidated Life Assurance 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);”.
(3) In the following regulations for “Article 14 or 53(2) of the Consolidated Life Assurance Directive” substitute “ Article 39 or 167 of the Solvency 2 Directive ”
(a)5(1B)(a) (business other than reinsurance business effected by a company resident in the United Kingdom outside the United Kingdom);
(b)7(1B)(a) (business other than reinsurance business effected either by a company resident in the United Kingdom otherwise than outside the United Kingdom or by an overseas life insurance company—policies or contracts made on or after 1st January 1996);
(c)7A(2A)(a) (business other than reinsurance business effected either by a company resident in the United Kingdom otherwise than outside the United Kingdom or by an overseas life insurance company—policy holder not within regulation 7);
(d)8(1B)(a) (certain business other than reinsurance business where the company comes into possession of additional information);
(e)13(1B)(a) (business other than reinsurance business effected by a company resident in the United Kingdom outside the United Kingdom);
(f)14(1B)(a) (business other than reinsurance business effected either by a company resident in the United Kingdom otherwise than outside the United Kingdom or by an overseas life insurance company);
(g)14A(2A)(a) (business other than reinsurance business effected either by a company resident in the United Kingdom otherwise than outside the United Kingdom or by an overseas life insurance company—policy holder not within regulation 7).
Marginal Citations
M1S.I. 1995/3237, amended by S.I. 2004/3273; there are other amending instruments but none is relevant.
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