http://www.legislation.gov.uk/id/uksi/2019/680

I11

The modifications to the Insurers (Reorganisation and Winding Up) Regulations are as follows.

I22

Regulation 2 M1 applies as if—

F4i

for the definition of “branch” there were substituted—

“branch” means a permanent presence of a UK insurer or a Gibraltarian insurer which is located in the territory of a country other than—
a
the United Kingdom (in the case of a UK insurer);
b
Gibraltar (in the case of a Gibraltarian insurer);

in the definition of “directive reorganisation measure”, the reference in Article 268(1)(c) of the Solvency 2 Directive to competent authorities were a reference to competent authorities in the United Kingdom or in Gibraltar;

F4iii

in the definition of “directive winding up proceedings”, the reference in Article 268(1)(d) of the Solvency 2 Directive to competent authorities were a reference to competent authorities in the United Kingdom or in Gibraltar;

F4iv

the definitions of “EEA creditor”, “EEA insurer”, “EEA regulator” and “EEA State” were omitted;

F4v

in the appropriate places there were inserted—

“Gibraltarian insurer” means an undertaking pursuing the activity of direct insurance (within the meaning of the Solvency 2 Directive) which has received authorisation under the law of Gibraltar which was relied on by Gibraltar before F1IP completion day to implement Article 14 or Article 162 of the Solvency 2 Directive from the Gibraltarian regulator;
“Gibraltarian regulator” means the Gibraltar Financial Services Commission;

F4vi

for the definition of “home state regulator” there were substituted—

“home state regulator” in relation to a Gibraltarian insurer, means the Gibraltar Financial Services Commission;

F4vii

the definition of “official language” were omitted;

F4viii

in the definition of “the Solvency 2 Directive”, at the end there were inserted “as it had effect immediately before F2IP completion day”.

F5b

in paragraph (2)—

i

in sub-paragraphs (a) and (b), for “the relevant EEA State” both times it occurs, there were substituted “Gibraltar”;

ii

the words after sub-paragraph (b) were omitted.

I33

Regulation 4 M2 applies as if—

a

in the heading, for “EEA insurers”, there were substituted “ Gibraltarian insurers ”;

b

for “an EEA insurer” each time it occurs, there were substituted “ a Gibraltarian insurer ”.

I44

Regulation 5 M3 applies as if—

a

in the heading, for “EEA insurers”, there were substituted “ Gibraltarian insurers ”;

b

for “an EEA insurer” each time it occurs, there were substituted “ a Gibraltarian insurer ”;

c

for “the EEA insurer”, each time it occurs, there were substituted “ the Gibraltarian insurer ”;

d

in paragraph (6), in each of the definitions, the references to competent authorities in the provisions of the Solvency 2 Directive referred to were references to the competent authorities of the United Kingdom or Gibraltar.

I55

Regulation 6 M4 applies as if—

a

for “an EEA insolvency measure” each time it occurs, there were substituted “ a Gibraltar insolvency measure ”;

b

for “an EEA insurer” each time it occurs, there were substituted “ a Gibraltarian insurer ”;

c

for “the relevant EEA State” each time it occurs, there were substituted “ Gibraltar ”;

d

in paragraph (2), in the words after sub-paragraph (b), for “the EEA insurer” there were substituted “ the Gibraltarian insurer ”;

e

in paragraph (3)(b), for “the EEA insolvency measure” there were substituted “ the Gibraltar insolvency measure ”;

f

in paragraph (6)—

i

in the definition of “EEA insolvency measure” for “EEA insolvency measure” there were substituted “ Gibraltar insolvency measure ”;

ii

the definition of “relevant EEA State” were omitted.

I6F66

Regulation 10 applies as if—

a

in the heading, for “EEA regulators”, there were substituted “the Gibraltarian regulator”;

b

for “EEA regulators in every EEA State”, both times it occurs, there were substituted “Gibraltarian regulator”.

I77

Regulation 11 M5 applies as if, in paragraph (3), for the words from “the relevant officer” to the end, there were substituted “ if the UK insurer has a branch in Gibraltar, the relevant officer must publish, or cause to be published, in two newspapers circulating in Gibraltar, the information mentioned in paragraph (4) and (if applicable) paragraphs (5), (6) or (7). ”.

I88

Regulation 12 applies as if—

a

in paragraph (7), the words from “, and that heading” to the end were omitted;

b

paragraph (8) were omitted.

I99

Regulations 13 and 16 are to be ignored.

I1010

Regulation 17 M6 applies as if in paragraph (1)—

a

in the definition of “composite insurer”, “, in accordance with Article 73(2) of the Solvency 2 Directive” were omitted;

b

in the definition of “general business assets”, the words from “, in accordance with” to the end were omitted;

c

in the definition of “long term business assets”, the words from “, in accordance with” to the end were omitted.

I1111

The heading to Part V is to be read as if, for “EEA rights”, there were substituted “ Gibraltarian rights ”.

I1212

The heading to regulation 37 is to be read as if, for “EEA rights”, there were substituted “ Gibraltarian rights ”.

I1313

Regulation 38 applies as if—

a

in paragraph (1)—

i

for “EEA employment contract”, there were substituted “ Gibraltar employment contract ”;

ii

for “EEA employment relationship”, there were substituted “ Gibraltar employment relationship ”;

iii

for “the EEA State” there were substituted “ Gibraltar ”;

b

in paragraph (2)—

i

for “an EEA employment contract”, there were substituted “ a Gibraltar employment contract ”;

ii

for “an EEA employment relationship”, there were substituted “ a Gibraltar employment relationship ”;

iii

for “an EEA State” there were substituted “ Gibraltar ”.

I1414

Regulation 39 applies as if—

a

for “an EEA State” there were substituted “ Gibraltar ”; and

b

for “that State” there were substituted “ Gibraltar ”.

I1515

Regulation 40 applies as if—

a

for “an EEA State” there were substituted “ Gibraltar ”; and

b

for “that State” there were substituted “ Gibraltar ”.

I1616

Regulation 41 applies as if, in paragraph (1), for “an EEA State” there were substituted “ Gibraltar ”.

I1717

Regulation 42 applies as if, for “an EEA State”, both times it occurs, there were substituted “ Gibraltar ”.

I1818

Regulation 43 applies as if—

a

in paragraph (1), for “the applicable EEA law” there were substituted “ the law applicable to the affected insurer's claim ”;

b

paragraph (2) were omitted.

I1919

Regulation 44 M7 applies as if—

a

in paragraph (1), for “regulated market operating in an EEA State” there were substituted “ UK regulated market, or a regulated market operating in Gibraltar ”;

b

for paragraph (3), there were substituted—

3
For the purposes of this regulation, “UK regulated market” and “regulated market” have the meanings given in points 2.1.13A and 2.1.13 respectively of Regulation (EU) No 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Regulation (EU) No 648/2012, as that Regulation forms part of domestic law by virtue of section 3 of the European Union (Withdrawal) Act 2018 M8, as modified by domestic law from time to time.

I2020

Regulation 45 applies as if, in the heading and in paragraph (1)(a), for “an EEA State” there were substituted “ Gibraltar ”.

I2121

Regulation 46 applies as if—

a

in paragraph (1), for “an EEA State”, each time it occurs, there were substituted “ Gibraltar ”;

b

in paragraph (2), for words from “the EEA State” to the end, there were substituted “ Gibraltar ”.

I2222

Regulation 47 applies as if, in paragraph (1), for “an EEA State” and “that EEA State”, there were substituted in each case “ Gibraltar ”.

I2323

Regulations 48 to 50 are to be ignored.

SCHEDULE 1Modifications to the Insurers (Reorganisation and Winding Up) Regulations 2004

I11

I22

F3a

F4i

a

b

F4ii