Regulation 11 The Solvency 2 and Insurance (Amendment, etc.) (EU Exit) Regulations 2019

(1)

The Solvency 2 and Insurance (Amendment, etc.) (EU Exit) Regulations 2019^f1 is amended as follows.

(2)

In regulation 8(3), in new regulation 4B—

(a)

in paragraph (1), for the words from the beginning to “at the latest” substitute “For the relevant quarter and every quarter thereafter, by the 8th working day of the month that follows the end of the quarter”;

(b)

after paragraph (1), insert—

“(1A)
For the purposes of paragraph (1), the “relevant quarter” is the first quarter which ends after this regulation comes into force.”

(3)

In regulation 11—

(a)

in paragraph (2)—

(i)

in sub-paragraph (e), after the new paragraph 58A, insert—

“58B.

‘insurance undertaking’ means an undertaking which—

(a)
has its head office in the United Kingdom,

(b)
has permission under Part 4A of the Financial Services and Markets Act 2000^f2 to carry on one or more regulated activities, and

(c)
would require authorisation in accordance with Article 14 of the Solvency 2 Directive if the United Kingdom were a member State;

58C.

‘reinsurance undertaking’ means an undertaking which—

(a)
has its head office in the United Kingdom,

(b)
has permission under Part 4A of the Financial Services and Markets Act 2000 to carry on one or more regulated activities,

(c)
effects or carries out contracts of insurance that are limited to reinsurance contracts, and

(d)
would require authorisation in accordance with Article 14 of the Solvency 2 Directive if the United Kingdom were a member State;

58D.

‘supervisory authority’ means—

(a)
in relation to insurance or reinsurance undertakings, the PRA; and

(b)
in relation to third-country insurance or reinsurance undertakings, the national authority, or national authorities, empowered to supervise third-country insurance or reinsurance undertakings;”;

(ii)

in sub-paragraph (f)—

(aa)

for “58” insert “58E (as so inserted)”;

(bb)

for the new paragraph 62, substitute—

“62.

Any expression in this Regulation which is not defined in this Article—

(a)
which is defined in regulation 2 of the Solvency 2 Regulations 2015 (as amended under the European Union (Withdrawal) Act 2018)^f3 (“the Solvency 2 Regulations”) has the meaning given in that regulation;

(b)
which is defined in the Financial Services and Markets Act 2000 (as so amended) (“FSMA”), but not in the Solvency 2 Regulations, has the meaning given in FSMA;

(c)
which is defined in Directive 2009/138/EC, but not in the Solvency 2 Regulations or in FSMA, has the meaning given in that Directive as it had effect immediately before exit day.”;

(b)

in paragraph (4), in new Article 3(2), for “1 to 6” substitute “0 to 6”;

(c)

for paragraph (5), substitute—

“(5)
In Article 9^f4—

(a)
in paragraphs 1, 3 and 4, for “international accounting standards adopted by the Commission in accordance with Regulation (EC) No 1606/2002” substitute “UK-adopted international accounting standards”;

(b)
in paragraph 2, for “international accounting standards adopted by the Commission pursuant to Regulation (EC) No 1606/2002” substitute “UK-adopted international accounting standards”.”;

(d)

for paragraph (6), substitute—

“(6)
In Article 10(4)^f5, for “international accounting standards adopted by the Commission in accordance with Regulation (EC) No 1606/2002” substitute “UK-adopted international accounting standards.”;”

(e)

in paragraph (7), for sub-paragraph (c), substitute—

“(c)
in paragraph 5^f6, for “international accounting standards adopted by the Commission in accordance with Regulation (EC) No 1606/2002” substitute “UK-adopted international accounting standards”.”;

(f)

for paragraph (8), substitute—

“(8)
In Article 14(1)^f7, for “international accounting standards adopted by the Commission in accordance with Regulation (EC) No 1606/2002” substitute “UK-adopted international accounting standards.”;

(g)

for paragraph (10), substitute—

“(10)
In Article 28(g)^f8, for “international accounting standards, as endorsed by the Commission in accordance with Regulation (EC) No 1606/2002” substitute “UK-adopted international accounting standards.”;

(h)

after paragraph (30), insert—

“(30A)
In Article 189(6)(b), omit the words from “whether defined” to the end of the subparagraph.”;

(i)

in paragraph (61)(c), for paragraph (i), substitute—

“(i)
omit “as defined in Article 13(26) of Directive 2009/139/EC”;”.

Annotations

Footnotes

f1: S.I. 2019/407.
f2: 2000 c. 8. Part 4A of the Act was substituted by the Financial Services Act 2012 (c. 21), section 11(2).
f3: S.I. 2015/575. Regulation 2 was amended by S.I. 2019/407.
f4: Article 9 is amended by S.I. 2019/407.
f5: Article 10 is amended by S.I. 2019/407.
f6: Article 13 is amended by S.I. 2019/407.
f7: Article 14 is amended by S.I. 2019/407.
f8: Article 28 is amended by S.I. 2019/407.