Section 269ZL Further provision about claims under section 269ZKF1

(1)

A claim under section 269ZK is not effective unless—

(a)

the claim—

(i)

states the company's solvency capital requirement at the beginning of the specified period,

(ii)

states the company's shock loss threshold for that period, and sets out the calculation of that amount (as described in steps 2 to 5 of 269ZN(1)), and

(iii)

states the amount of the company's solvency loss for that period (see section 269ZO), and

(b)

the company submits with the claim—

(i)

information (“the submitted information”) corresponding to the information specified in the template mentioned in point (i), (j) or (k) (as the case requires) of Article 4 of the technical standards implementing Regulation, and

(ii)

a report provided by the appropriate person which meets the condition in subsection (2).

(2)

The condition is that the report includes an opinion confirming that—

(a)

the submitted information is prepared in all material respects in accordance with any relevant requirements which would apply if the submitted information were disclosed as part of the company's report on solvency and financial condition,

(b)

the calculation of the company's shock loss threshold (not including step 1(a) of section 269ZN(1)) complies in all material respects with section 269ZN, and

(c)

the company's solvency loss is calculated in all material respects in accordance with section 269ZO.

(3)

In this section “relevant requirements” means—

(a)

requirements under rules made by the Prudential Regulation Authority, and

(b)

requirements under any directly applicable EU regulation made under the Solvency 2 Directive.

(4)

In this section “the appropriate person” means—

(a)

the company's chief actuary, or

(b)

(if the company is not a PRA-authorised person) a person with equivalent functions.

(5)

Subsections (1)(b)(i), (2)(a) and (3) have effect in relation to a third-country insurance undertaking as if it were an insurance undertaking.

Annotations

Textual amendments

F1: Pt. 7ZA inserted (with effect in accordance with Sch. 4 para. 190 of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 4 para. 16

Notes on Part 7ZA

Modifications

C1: Pt. 7ZA modified (retrospective to 29.10.2018) by Finance Act 2020 (c. 14), Sch. 4 para. 46
C2: Pt. 7ZA modified by 1992 c. 12, Sch. 7A para. 6(1C) (as inserted (with effect in relation to accounting periods beginning on or after 1.4.2020) by Finance Act 2020 (c. 14), Sch. 4 paras. 18(4), 42 (with Sch. 4 paras. 43-46))
C3: Pt. 7ZA applied (with modifications) (with effect in accordance with Sch. 4 para. 43(1) of the amending Act) by Finance Act 2020 (c. 14), Sch. 4 para. 44(4)
C4: Pt. 7ZA applied (with modifications) (with application in accordance with Sch. 4 para. 45(1)(2) of the amending Act) by Finance Act 2020 (c. 14), Sch. 4 para. 45(4)
C5: Pt. 7ZA disapplied (24.2.2022) by Finance Act 2022 (c. 3), Sch. 2 para. 21