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The Solvency 2 and Insurance (Amendment, etc.) (EU Exit) Regulations 2019
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- UK Statutory Instruments
- 2019 No. 407
- PART 7
- Regulation 12
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The Solvency 2 and Insurance (Amendment, etc.) (EU Exit) Regulations 2019, Section 12 is up to date with all changes known to be in force on or before 03 August 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 Regulation 12:
- Regulations revoked by 2023 c. 29 Sch. 1 Pt. 2
Changes and effects yet to be applied to the whole Instrument associated Parts and Chapters:
Whole provisions yet to be inserted into this Instrument (including any effects on those provisions):
- reg. 13 inserted by S.I. 2019/710 reg. 41 (This amendment not applied to legislation.gov.uk. Reg. 41 omitted immediately before IP completion day by virtue of S.I. 2020/1385, regs. 1(4), 64(5))
Transitional provision in relation to approval of temporary modelsU.K.
This section has no associated Explanatory Memorandum
12.—(1) The following modifications of Part 4 (approvals) of the Solvency 2 Regulations 2015 apply to a person who is—
(a)authorised in accordance with section 31(1)(a) of the Financial Services and Markets Act 2000 M1, and
(b)subject to supervision at the level of the group in accordance with the provisions of national laws implementing Article 213(2)(a) and (b) of the Directive 2009/138/EC,
if, on the day before the day on which [F1IP completion day] occurs, the PRA recognises a supervisory authority other than the PRA as the group supervisor of a group (in accordance with regulations 26 and 27 of the Solvency 2 Regulations 2015).
(2) In respect of an application for an approval for which a person has a deemed approval under regulation 57B, regulation 48 (models) has effect as if, in paragraph (4), for the words “6 months” to the end there were substituted “ 3 years beginning with the day on which [F2IP completion day] occurs. ”.
(3) Regulation 55 (decisions: written notices) has effect as if, after paragraph (2), there were inserted—
“(2A) If the PRA decides to revoke an approval, the written notice must, where applicable, state the day on which regulation 57B ceases to apply.
(2B) For the purposes of paragraph (2A), the day stated must be a day that falls before the end of the period of three years beginning with the day on which [F3IP completion day] occurs.”
(4) Part 4 has effect as if, after Chapter 3, there were inserted—
“CHAPTER 3AU.K.Deemed Internal Model Approval
57B.—(1) A person with a Solvency II internal model approval granted by a supervisory authority of an EEA state before [F4IP completion day] in the table in paragraph (2) must be treated as if the person has the corresponding approval granted by the PRA as set out in columns 1- 3 of the table in paragraph (2).
(2) For the purposes of paragraph (1), the Solvency II internal model approvals are:
| Solvency II approval | Approval granted by supervisory authority of an EEA State | Deemed approval granted by the PRA |
|---|---|---|
| Group internal model to calculate the group solvency capital requirement at the level of an insurance holding company or mixed financial holding company in the EEA. | Article 230 or 231 of the Solvency 2 Directive. | Regulation 49. |
| Policy for changing a full and partial internal model in respect of a model at row 1. | Article 115 of the Solvency 2 Directive. | Regulation 48(1)(c).” |
Textual Amendments
F1Words in reg. 12(1) substituted (30.12.2020) by The Financial Services and Economic and Monetary Policy (Consequential Amendments) (EU Exit) Regulations 2020 (S.I. 2020/1301), regs. 1, 3, Sch. para. 27(e)(i)
F2Words in reg. 12(2) substituted (30.12.2020) by The Financial Services and Economic and Monetary Policy (Consequential Amendments) (EU Exit) Regulations 2020 (S.I. 2020/1301), regs. 1, 3, Sch. para. 27(e)(i)
F3Words in reg. 12(3) substituted (30.12.2020) by The Financial Services and Economic and Monetary Policy (Consequential Amendments) (EU Exit) Regulations 2020 (S.I. 2020/1301), regs. 1, 3, Sch. para. 27(e)(ii)
F4Words in reg. 12(4) substituted (30.12.2020) by The Financial Services and Economic and Monetary Policy (Consequential Amendments) (EU Exit) Regulations 2020 (S.I. 2020/1301), regs. 1, 3, Sch. para. 27(e)(iii)
Commencement Information
I1Reg. 12 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)
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