The Solvency 2 Regulations 2015

Made: 6th March 2015

Laid before Parliament: 9th March 2015

Coming into force in accordance with regulation 1

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PART 1 — Citation, commencement and interpretation

Citation and commencement

1

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Interpretation

2

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PART 2 — Supervision

Exercise of PRA and FCA functions

3

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Review of capital add-ons

4

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Passporting: notification of home state regulator

5

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EIOPA: information

6

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EIOPA and EBA: notifications

7

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Other EEA States: information

8

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Non-compliance with the minimum capital requirement: provision of information to other supervisory authorities

9

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PART 3 — Groups

CHAPTER 1 — Cases of application and scope

Risk concentration and intra-group transactions

10

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Equivalent provisions

11

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Exclusion of undertaking from group supervision

12

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CHAPTER 2 — Levels

Supervision of parents and subgroups at national level: substantive powers

13

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Supervision of parents and subgroups at national level: procedure

14

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CHAPTER 3 — Group Solvency

Supervision of group solvency and frequency of calculation

15

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Choice of method

16

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Inclusion of proportional share

17

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Related undertakings: calculation of group solvency

18

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Participating undertakings: calculation of group solvency

19

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Internal models and capital add-ons

20

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Subsidiaries: solvency capital requirement

21

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Subsidiaries: non-compliance with the solvency and minimum capital requirements

22

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Subsidiaries: revocation of approval for applying Articles 238 and 239 of the Solvency 2 Directive

23

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CHAPTER 4 — Risk concentration and intra-group transactions

Supervision of risk concentration and intra-group transactions

24

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CHAPTER 5 — Risk management and internal control

Supervision of system of governance

25

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CHAPTER 6 — Measures to facilitate group supervision

Rule for deciding the group supervisor

26

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Exceptions to the rule for deciding the group supervisor

27

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Duties of group supervisor and establishment of college of supervisors

28

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Cooperation and exchange of information between supervisory authorities

29

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Consultation between supervisory authorities

30

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Access to information

31

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Verification of information

32

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Group solvency and financial condition report

33

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Enforcement measures

34

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CHAPTER 7 — Third countries

Non-EEA solvency 2 parent undertakings: equivalence

35

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Parent undertaking outside the EEA: absence of equivalence

36

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CHAPTER 8 — Mixed-activity insurance holding companies

Intra-group transactions

37

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PART 4 — Approvals

CHAPTER 1 — Procedure: applications

Meaning of “approval”, “group application”, “protected item” and “branch”

38

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Applications: eligibility, process, information and documents

39

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Additional process: applications from groups and applications to more than one supervisory authority

40

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CHAPTER 2 — Specific Approvals

Verification that the Solvency 2 Directive does not apply

41

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Matching adjustment

42

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Volatility adjustment

43

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Supervisory approval of ancillary own-funds

44

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Eligible own funds for an intermediate insurance holding company

45

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Classification of funds

46

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Basic Solvency Capital Requirement

47

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Models

48

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Group applications

49

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Third-country insurance undertakings: approval of supervision in more than one EEA State

50

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Withdrawal of authorisation for third-country insurance undertakings authorised in more than one EEA State

51

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Subsidiaries: application of Articles 238 and 239 of the Solvency 2 Directive

52

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Transitional measures on risk-free interest rates

53

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Transitional measures on technical provisions

54

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CHAPTER 3 — Procedure: decisions, appeals and notices

Decisions: written notices

55

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Appeals

56

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Publication of written notices

57

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CHAPTER 4 — Rule waivers

Modification or waiver of rules

58

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PART 5 — Amendments

Amendments

59

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60

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SCHEDULE 1 — Amendments to primary legislation

PART 1 — Amendments to FSMA

1

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2

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3

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5

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6

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7

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8

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9

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10

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11

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12

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13

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14

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15

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16

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17

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18

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PART 2 — Amendments to other primary legislation

Friendly Societies Act 1992

19

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Finance Act 1997

20

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Terrorism Act 2000

21

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Capital Allowances Act 2001

22

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Proceeds of Crime Act 2002

23

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Finance Act 2003

24

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Companies Act 2006

25

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Corporation Tax Act 2009

26

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SCHEDULE 2 — Amendments to secondary legislation

Insolvency (Scotland) Rules 1986

1

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Companies (1986 Order) (Insurance Companies Accounts) Regulations (Northern Ireland) 1994

2

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Mineworkers' Pension Scheme (Modification) Regulations 1994

3

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Industry-Wide Mineworkers' Pension Scheme Regulations 1994

4

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Insurance Companies (Overseas Life Assurance Business) (Compliance) Regulations 1995

5

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Occupational Pension Schemes (Scheme Administration) Regulations 1996

6

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Occupational Pension Schemes (Scheme Administration) Regulations (Northern Ireland) 1997

7

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Individual Savings Account Regulations 1998

8

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Competition Act 1998 (Small Agreements and Conduct of Minor Significance) Regulations 2000

9

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Competition Act 1998 (Determination of Turnover for Penalties) Order 2000

10

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Financial Services and Markets Act 2000 (Regulated Activities) Order 2001

11

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The Financial Services and Markets Act 2000 (Disclosure of Confidential Information) Regulations 2001

12

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Financial Services and Markets Act 2000 (EEA Passport Rights) Regulations 2001

13

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Financial Services and Markets Act 2000 (Law Applicable to Contracts of Insurance) Regulations 2001

14

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The Financial Services and Markets Act 2000 (Control of Business Transfers) (Requirements on Applicants) Regulations 2001 (Article 39)

15

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Enterprise Act 2002 (Merger Fees and Determination of Turnover) Order 2003

16

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Insurers (Reorganisation and Winding Up) Regulations 2004

17

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Child Trust Funds Regulations 2004

18

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Financial Conglomerates and Other Financial Groups Regulations 2004

19

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Pension Protection Fund (Entry Rules) Regulations (Northern Ireland) 2005

20

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Occupational Pension Schemes (Investment) Regulations (Northern Ireland) 2005

21

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Pension Protection Fund (Entry Rules) Regulations 2005

22

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Insurers (Reorganisation and Winding Up) (Lloyd's) Regulations 2005

23

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Occupational Pension Schemes (Investment) Regulations 2005

24

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Money Laundering Regulations 2007

25

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Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008

26

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Insurance Accounts Directive (Miscellaneous Insurance Undertakings) Regulations 2008

27

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Payment Services Regulations 2009

28

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Mutual Societies (Transfers) Order 2009

29

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Financial Services and Markets Act 2000 (Controllers) (Exemption) Order 2009

30

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Financial Services and Markets Act 2000 (Law Applicable to Contracts of Insurance) Regulations 2009

31

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Occupational and Personal Pension Schemes (Automatic Enrolment) Regulations (Northern Ireland) 2010

32

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Occupational and Personal Pension Schemes (Automatic Enrolment) Regulations 2010

33

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Electronic Money Regulations 2011

34

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Bank of England Act 1998 (Macro-prudential Measures) Order 2013

35

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Enterprise Act 2002 (Mergers) (Interim Measures: Financial Penalties) (Determination of Control and Turnover) Order 2014

36

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SCHEDULE 3 — Parent undertakings outside the EEA: equivalence

1

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2

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3

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4

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5

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SCHEDULE 4 — Procedure for an application for a subsidiary to be subject to national law implementing Articles 238 and 239 of the Solvency 2 Directive

1

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2

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3

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SCHEDULE 5 — Procedure for group applications

1

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2

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3

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Signed

David Evennett — John Penrose — Two of the Lords Commissioners of Her Majesty's Treasury — 2015-03-06

Explanatory note

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Footnotes

[^f00001]: S.I. 2012/1759.

[^f00002]: 1972 c.68; section 2(2) was amended by section 27 of the Legislative and Regulatory Reform Act 2006 (c. 51) and by section 3 of, and the Schedule to, the European Union (Amendment) Act 2008 (c. 7). By virtue of the amendment of section 1(2) made by section 1 of the European Economic Act 1993 (c. 51) regulations may be made under section 2(2) to implement obligations of the United Kingdom created by or arising under the Agreement on the European Economic Area signed at Oporto on 2nd May 1992 (Cm 2073, OJ No L1, 3.11.1994, p.3) and the Protocol adjusting that Agreement signed at Brussels on 17th March 1993 (Cm 2183, OJ No L1, 3.1.1994, p.572).

[^f00003]: OJ no L331, 15.12.2010, p. 48.

[^f00004]: OJ no L035, 11.02.2003, p.1.

[^f00005]: 2000 c.8.

[^f00006]: OJ no L335, 17.12.2009, p.1, as amended by Directive 2011/89/EU (OJ no L326, 8.12.2011, p. 113), Directive 2012/23/EU (OJ no L249, 14.9.2013, p. 1), Directive 2013/23/EU (OJ no L158, 10.6.2013, p. 362), Directive 2013/58/EU (OJ no L341, 18.12.2013, p. 1) and Directive 2014/51/EU (OJ no L153, 22.5.2014, p. 1).

[^f00007]: “FCA”, “insurance undertaking”, “PRA”, “reinsurance undertaking”, “rule” and “Tribunal” are defined in section 417 and “EEA State” is defined in Part 1 of Schedule 3.

[^f00008]: “Branch”, “parent undertaking”, “reinsurance” and “supervisory authority” are defined in Article 13.

[^f00009]: See Article 231 of the Solvency 2 Directive.

[^f00010]: See Article 233(5) of the Solvency 2 Directive.

[^f00011]: Referred to in Articles 236(e) and 237 of the Solvency 2 Directive.

[^f00012]: OJ No L345, 19.12.02, p 1.

[^f00013]: S.I. 2013/161.

[^f00014]: Section 105(3)(Case 2)(aa) was inserted by S.I. 2007/3253.

[^f00015]: Section 116(2) was substituted by S.I. 2007/3253.

[^f00016]: Section 116(5) was amended by S.I. 2004/3379 and S.I. 2007/3253.

[^f00017]: Section 166(6) was amended by S.I. 2007/3253.

[^f00018]: Section 190(4)(b) was amended by S.I. 2013/3115.

[^f00019]: Subsection (1A) was inserted by sections 3(1) and 5(a) of the Financial Services Act 2012 (c. 21).

[^f00020]: 1992 c. 40.

[^f00021]: 1997 c. 16.

[^f00022]: 2000 c. 11.

[^f00023]: 2001 c. 2.

[^f00024]: 2002 c. 29.

[^f00025]: 2003 c. 14.

[^f00026]: 2006 c. 46.

[^f00027]: 2009 c. 4.

[^f00028]: S.I. 1986/1915, amended by S.I. 2003/2109; there are other amending instruments but none is relevant.

[^f00029]: S.I. 1994/428.

[^f00030]: S.I. 1994/2577; relevant amending instruments are S.I. 2004/3379 and 2011/1043.

[^f00031]: S.I. 1994/2974; relevant amending instruments are S.I. 2011/1043 and 2004/3379.

[^f00032]: S.I. 1995/3237, amended by S.I. 2004/3273; there are other amending instruments but none is relevant.

[^f00033]: S.I. 1996/1715, amended by S.I. 2006/778; there are other amending instruments but none is relevant.

[^f00034]: S.I. 1997/94; relevant amending instruments are S.I. 2005/421 and 2006/141.

[^f00035]: S.I. 1998/1870, amended by S.I. 2004/2996; there are other amending instruments but none is relevant.

[^f00036]: S.I. 2000/262; relevant amending instruments are S.I. 2004/3379 and 2007/3253.

[^f00037]: S.I. 2000/309; relevant amending instruments are S.I. 2004/3379 and 2007/3253.

[^f00038]: S.I. 2001/544; relevant amending instruments are S.I. 2002/1776 and 2004/3379

[^f00039]: S.I. 2001/2188; relevant amending instruments are S.I. 2013/1773, 2013/3115 and 2014/3348.

[^f00040]: S.I. 2001/2511; relevant amending instruments are S.I. 2004/1862, 2007/3253 and 2013/642

[^f00041]: S.I. 2001/2635, to which there are amendments not relevant to these Regulations.

[^f00042]: S.I. 2001/3625, amended by S.I. 2004/3379; there are other amending instruments but none is relevant.

[^f00043]: S.I. 2003/1370, to which there are amendments not relevant to these Regulations.

[^f00044]: S.I. 2004/353, to which there are amendments not relevant to these Regulations.

[^f00045]: S.I. 2004/1450.

[^f00046]: S.I. 2004/1862; relevant amending instruments are S.I. 2006/3221, 2007/126, 2010/2628, 2011/1613, 2013/3115, 2013/472 and 2013/3115.

[^f00047]: S.R. (NI) 2005 No 126, amended by S.R. (NI) 2009 No 126; there are other amending instruments but none is relevant.

[^f00048]: S.R. (NI) 2005 No 569, to which there are amendments not relevant to these Regulations.

[^f00049]: S.I. 2005/590 amended by S.I. 2009/451; there are other amending instruments but none is relevant.

[^f00050]: S.I. 2005/1998, to which there are amendments not relevant to these Regulations.

[^f00051]: S.I. 2005/3378; relevant amending instruments are S.I. 2006/778 and 2013/472.

[^f00052]: S.I. 2007/2157, to which there are amendments not relevant to these Regulations.

[^f00053]: S.I. 2008/410, to which there are amendments not relevant to these Regulations.

[^f00054]: S.I. 2008/565, to which there are amendments not relevant to these Regulations.

[^f00055]: S.I. 2009/209, to which there are amendments not relevant to these Regulations.

[^f00056]: S.I. 2009/509, to which there are amendments not relevant to these Regulations.

[^f00057]: S.I. 2009/774, to which there are amendments not relevant to these Regulations.

[^f00058]: S.I. 2009/3075.

[^f00059]: S.R. (NI) 2010 No 122, to which there are amendments not relevant to these Regulations.

[^f00060]: S.I. 2010/772, to which there are amendments not relevant to these Regulations.

[^f00061]: S.I. 2011/99, to which there are amendments not relevant to these Regulations.

[^f00062]: S.I. 2013/644, to which there are amendments not relevant to these Regulations.

[^f00063]: S.I. 2014/533.

Editorial notes

[^key-3ce19e6ce16b028388e62bf34d7af350]: Regulations revoked (30.6.2024 for the revocation of regs. 4B, 42, 31.12.2024 in so far as not already in force) by Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 1 Pt. 2 (with s. 1(4)); S.I. 2023/1382, reg. 5(b); S.I. 2024/620, reg. 2(b)(i) (with savings in relation to a Gibraltar group or a Gibraltar undertaking in S.I. 2024/1083, reg. 3 and transitional provisions in S.I. 2024/594 (as amended (31.12.2024) by S.I. 2024/1116, regs. 1(2), 5, Sch.))

[^M_F_6a325fbe-6dee-4667-a5a8-6d5b5ded1c7e]: Regulations revoked (30.6.2024 for the revocation of regs. 4B, 42, 31.12.2024 in so far as not already in force) by Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 1 Pt. 2 (with s. 1(4)); S.I. 2023/1382, reg. 5(b); S.I. 2024/620, reg. 2(b)(i) (with savings in relation to a Gibraltar group or a Gibraltar undertaking in S.I. 2024/1083, reg. 3 and transitional provisions in S.I. 2024/594 (as amended (31.12.2024) by S.I. 2024/1116, regs. 1(2), 5, Sch.)); and Regulations amended (27.2.2025), in so far as still in force, by The Retained EU Law (Revocation and Reform) Act 2023 (Consequential Amendments) Regulations 2025 (S.I. 2025/82), reg. 1(2), Sch. 9 para. 20

Non-compliance with solvency capital requirement and exceptional adverse situations

4A

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Duty to publish technical information

4B

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Powers in relation to Gibraltar undertakings

4C

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Procedure on the exercise of powers under regulation 4C

4D

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Passporting: notification of home state regulator

EIOPA: information

EIOPA and EBA: notifications

Other EEA States: information

Non-compliance with the minimum capital requirement: provision of information to other supervisory authorities

9A

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

9B

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Gibraltar undertakings: calculation of group solvency

19A

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Internal models and capital add-ons

Subsidiaries: solvency capital requirement

Subsidiaries: non-compliance with the solvency and minimum capital requirements

Subsidiaries: revocation of approval for applying Articles 238 and 239 of the Solvency 2 Directive

Duties of group supervisor ...

Parent undertaking outside the United Kingdom: absence of equivalence

Parent undertakings outside the United Kingdom: levels

36A

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Meaning of “approval”, “group application” and “protected item”