Regulation 41 Transitional provision: group supervision

After regulation 12 of the Solvency 2 and Insurance (Amendments etc.) (EU Exit) Regulations 2019^f1, 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^f2 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.”