The Solvency 2 and Insurance (Amendment, etc.) (EU Exit) Regulations 2019

Approvals

10.—(1) Part 4 (approvals) is amended as follows.

(2) In regulation 38 (meaning of “approval”, “group application”, “protected item” and “branch”)—

(a) in the heading, for “, “protected item” and “branch”” substitute “and “protected item””;

(b) in paragraph (1), omit “and in Schedules 4 and 5”;

(c) omit paragraph (2).

(3) In regulation 39 (applications: eligibility, process, information and documents)—

(a) in paragraph (3), for “Subject to paragraph (9) an” substitute “An”;

(b) in paragraph (8)(a), after “directly applicable regulation” insert “that forms part of retained EU law”;

(c) omit paragraph (9);

(d) in paragraph (10)(d), for “capital requirements specified in Sections 4 and 5 of Chapter 6 of Title 1 of the Solvency 2 Directive” substitute “solvency capital requirement and minimum capital requirement”.

(4) Omit regulation 40 (additional process: applications from groups and applications to more than one supervisory authority).

(5) In regulation 41 (verification that the Solvency 2 Directive does not apply) for “Article 4(4) of the Solvency 2 Directive”, in both place it occurs, substitute “the United Kingdom law which implemented Article 4(4) of the Solvency 2 Directive”.

(6) In regulation 42 (matching adjustment)—

(a) in paragraph (4)(j)(ii) for “rules implementing, and any directly applicable regulation made under, Article 75 of the Solvency 2 Directive” substitute “rules 2.1 and 2.2 of the Valuation part of the PRA Rulebook”;

(b) in paragraph (7)—

(i) at the end of sub-paragraph (a) insert “and”;

(ii) in sub-paragraph (b) omit “which has not been granted an approval under regulation 50”;

(iii) at the end of sub-paragraph (b) omit “and”;

(iv) omit sub-paragraph (c).

(7) In regulation 43 (volatility adjustment), in paragraph (5)—

(a) in sub-paragraph (a), before “the Solvency 2 Directive” insert “the United Kingdom law which implemented”;

(b) in sub-paragraph (b), after “a directly applicable regulation made under the Solvency 2 Directive” insert “which forms part of retained EU law”.

(8) In regulation 49 (group applications), for paragraph (2) substitute “The PRA may approve an application made under paragraph (1).”

(9) Omit regulations 50 (third-country insurance undertakings: approval of supervision in more than one EEA State), 51 (withdrawal of authorisation for third-country insurance undertakings authorised in more than one EEA State) and 52 (subsidiaries: application of Article 238 and 239 of the Solvency 2 Directive).

(10) Omit Schedules 4 (procedure for an application for a subsidiary to be subject to national law implementing Articles 238 and 239 of the Solvency 2 Directive) and 5 (procedure for group applications).