The Financial Services (Miscellaneous) (Amendment) (EU Exit) Regulations 2019

Transitional provision: group supervision

41.  After regulation 12 of the Solvency 2 and Insurance (Amendments etc.) (EU Exit) Regulations 2019(1), insert—

“Transitional provision in relation to group supervision

13.— (1) This regulation applies where—

(a) in accordance with regulation 26 of the Solvency 2 Regulations 2015 (as amended by these Regulations), the Prudential Regulation Authority (“PRA”) is the group supervisor of a group; but

(b) in accordance with regulations 26 and 27 of the Solvency 2 Regulations 2015 (as they were in force immediately before exit day), the group supervisor would be a supervisory authority of an EEA State, which is not the PRA.

(2) Where this regulation applies, regulations 15(1), 24(1) and (2), 25, 28(2) and 36(4) of the Solvency 2 Regulations 2015(2) which impose requirements on the PRA as group supervisor do not apply for a period of two years beginning with exit day—

(a) unless the PRA decides that it is appropriate for these regulations to be applied in a particular case; or

(b) unless or until the group ceases to be supervised by a group supervisor of an EEA State.”

(1)

S.I. 2019/407.

(2)

S.I. 2015/575.