LegalizeThe Solvency 2 and Insurance (Amendment, etc.) (EU Exit) Regulations 2019
Made: 28th February 2019
Coming into force in accordance with regulation 1(2)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
PART 1 — General provision
Citation and commencement
1
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
PART 2 — Power to make regulations in respect of the regulation of insurance and reinsurance firms
Matters previously dealt with under the Solvency 2 Directive
2
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
PART 3 — Functions of the PRA
Technical standards
3
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Provisions deemed as PRA rules
4
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
PART 4 — Amendment of primary legislation
Amendment of the Financial Services and Markets Act 2000
5
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
PART 5 — Amendment of subordinate legislation
Amendment of the Solvency 2 Regulations 2015
6
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Interpretation
7
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Supervision
8
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Groups
9
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Approvals
10
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
PART 6 — Amendments of retained direct EU legislation
Amendments of Commission Delegated Regulation (EU) No 2015/35
11
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
PART 7 — Transitional provision
Transitional provision in relation to approval of temporary models
12
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
SCHEDULE 1 — Matters in respect of which the Treasury may make regulations
1
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
8
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
9
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
10
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
11
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
12
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
13
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
14
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
15
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
16
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
17
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
18
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
19
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
20
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
21
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
22
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
23
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
24
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
25
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
26
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
27
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
28
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
29
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
30
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
31
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
32
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
SCHEDULE 2 — Matters on which the PRA may make technical standards
1
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
8
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
9
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
10
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
11
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
12
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
13
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
14
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
15
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
16
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
17
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
18
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
19
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
20
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
21
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
22
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
23
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
24
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
25
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
SCHEDULE 3 — Provisions deemed to be PRA rules
1
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
8
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
9
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
10
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
11
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
12
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
13
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
14
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
15
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
16
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
17
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
18
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
19
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
20
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
21
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
22
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
23
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
24
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
25
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
26
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Signed
Rebecca Harris — Jeremy Quin — Two of the Lords Commissioners of Her Majesty's Treasury — 2019-02-28
Explanatory note
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Footnotes
[^f00001]: 2018 c. 16.
[^f00002]: 2000 c. 8. Section 137G was substituted by section 24(1) of the Financial Services Act 2012 (c.21); subsection (6) was inserted by S.I. 2018/1115.
[^f00003]: Section 284A was inserted by section 31(1) and (2) of the Bank of England and Financial Services Act 2016 (c.14)
[^f00004]: Section 316 was amended by the sections (1) to (5) of the Financial Services Act 2012.
[^f00005]: S.I. 2015/575.
[^f00006]: S.I. 2004/1862.
[^f00007]: S.I. 2015/575.
[^f00008]: 2000 c. 8.
[^f00009]: Article 35(1) to (4) of the Solvency 2 Directive.
[^f00010]: Article 35(9) of the Solvency 2 Directive.
[^f00011]: Article 37(6) of the Solvency 2 Directive.
[^f00012]: Article 37(7) of the Solvency 2 Directive.
[^f00013]: Article 50(1)(a) of the Solvency 2 Directive.
[^f00014]: Article 48 of the Solvency 2 Directive; Article 50(1)(b) of the Solvency 2 Directive.
[^f00015]: Article 75(1) of the Solvency 2 Directive; Article 75(2) of the Solvency 2 Directive.
[^f00016]: Article 77(2) of the Solvency 2 Directive.
[^f00017]: Article 77(2) of the Solvency 2 Directive
[^f00018]: Article 77(4) of the Solvency 2 Directive.
[^f00019]: Article 77(5) of the Solvency 2 Directive.
[^f00020]: Article 80 of the Solvency 2 Directive.
[^f00021]: Article 82 of the Solvency 2 Directive.
[^f00022]: S.I. 2015/575.
[^f00023]: Article 77(1)(e) of the Solvency 2 Directive.
[^f00024]: Article 77c of the Solvency 2 Directive.
[^f00025]: Article 77d of the Solvency 2 Directive.
[^f00026]: Regulation 4(2) of these Regulations inserts into regulation 2 of the Solvency 2 Regulations 2015 the definition of “participating undertaking”, which is derived from Article 212 of the Solvency 2 Directive.
[^f00027]: Article 92(1a) of the Solvency 2 Directive.
[^f00028]: Article 94 of the Solvency 2 Directive.
[^f00029]: Article 98(1) and (2) of the Solvency 2 Directive; Article 99(a) of the Solvency 2 Directive.
[^f00030]: Article 99(b) of the Solvency 2 Directive.
[^f00031]: Article 109a(5) of the Solvency 2 Directive.
[^f00032]: Article 104 of the Solvency 2 Directive.
[^f00033]: Annex IV of the Solvency 2 Directive.
[^f00034]: Article 111(1)(a) to (f) of the Solvency 2 Directive.
[^f00035]: Article 108 of the Solvency 2 Directive.
[^f00036]: Article 109 of the Solvency 2 Directive.
[^f00037]: Article 109 of the Solvency 2 Directive.
[^f00038]: Article 3 has been inserted into the Commission Delegated Regulation by regulation 8(5) of these Regulations, to onshore Article 109a(1) of the Solvency 2 Directive.
[^f00039]: Article 111(1)(g) to (q) of the Solvency 2 Directive.
[^f00040]: Article 114(1)(a) of the Solvency 2 Directive.
[^f00041]: Article 114(1)(b) of the Solvency 2 Directive.
[^f00042]: Article 127 of the Solvency 2 Directive.
[^f00043]: Article 128 and 129 of the Solvency 2 Directive; Article 130 of the Solvency 2 Directive.
[^f00044]: Article 135(2)(c) of the Solvency 2 Directive.
[^f00045]: Article 143(1) of the Solvency 2 Directive.
[^f00046]: Article 172(1) of the Solvency 2 Directive.
[^f00047]: Article 211(2) of the Solvency 2 Directive.
[^f00048]: Article 227(3) of the Solvency 2 Directive.
[^f00049]: Article 220-229 of the Solvency 2 Directive.
[^f00050]: Article 230-233 of the Solvency 2 Directive.
[^f00051]: Article 234 of the Solvency 2 Directive.
[^f00052]: Article 248(8) of the Solvency 2 Directive.
[^f00053]: Article 256(2) of the Solvency 2 Directive.
[^f00054]: Article 260(2) of the Solvency 2 Directive.
[^f00055]: Article 308b(13) of the Solvency 2 Directive.
[^f00056]: Article 35 of the Solvency 2 Directive.
[^f00057]: Article 37 of the Solvency 2 Directive.
[^f00058]: Article 44 of the Solvency 2 Directive.
[^f00059]: Article 50 of the Solvency 2 Directive.
[^f00060]: Article 50 of the Solvency 2 Directive.
[^f00061]: Article 56 of the Solvency 2 Directive.
[^f00062]: Article 58 of the Solvency 2 Directive.
[^f00063]: Article 58 of the Solvency 2 Directive.
[^f00064]: Article 75 of the Solvency 2 Directive.
[^f00065]: Article 86 of the Solvency 2 Directive.
[^f00066]: Article 86 of the Solvency 2 Directive.
[^f00067]: Article 92 of the Solvency 2 Directive.
[^f00068]: Article 97 of the Solvency 2 Directive.
[^f00069]: Article 111 of the Solvency 2 Directive.
[^f00070]: Article 111 of the Solvency 2 Directive.
[^f00071]: Article 114 of the Solvency 2 Directive.
[^f00072]: Article 135 of the Solvency 2 Directive.
[^f00073]: Article 143 of the Solvency 2 Directive.
[^f00074]: Article 211 of the Solvency 2 Directive.
[^f00075]: Article 244 of the Solvency 2 Directive.
[^f00076]: Article 244 of the Solvency 2 Directive.
[^f00077]: Article 245 of the Solvency 2 Directive.
[^f00078]: Article 245 of the Solvency 2 Directive.
[^f00079]: Article 256 of the Solvency 2 Directive.
Transitional provision in relation to group supervision
13
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Transitional regime for temporary equivalence under Article 172 of the Solvency 2 Directive
14
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Transitional regime for temporary equivalence under Article 260 of the Solvency 2 Directive
15
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Interpretation and Regulations
16
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Editorial notes
Reading this document does not replace reading the official text published on legislation.gov.uk. Contains public sector information licensed under the Open Government Licence v3.0. We assume no responsibility for any inaccuracies arising from the conversion of the original CLML XML to this format.