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Regulation 10 Amendments to Schedule 6 (threshold conditions)

Original text. Later amendments are not shown.

In Schedule 6 (threshold conditions), in Part 1D (Part 4A permission: conditions for which the PRA is responsible in relation to insurers etc.), in paragraph 4A—

(a)

in sub-paragraph (7)f1—

(i)

for “third country insurance or reinsurance undertakings” substitute “overseas insurance undertakings or overseas reinsurance undertakings”;

(ii)

for “Gibraltarian insurance or reinsurance undertakings” substitute “Gibraltar insurance undertakings or Gibraltar reinsurance undertakings”;

(iii)

omit from “; and for these purposes” to the end.

(b)

after sub-paragraph (7) insert—

“(8)

In this paragraph—

  • “Gibraltar insurance undertaking” means an undertaking which—

    1. (a)

      has its head office in Gibraltar; and

    2. (b)

      is authorised by the Gibraltar Financial Services Commission to effect or carry out contracts of insurance (other than contracts of reinsurance) under paragraph 24 of Schedule 2 to the Financial Services Act 2019 of Gibraltar;

  • “Gibraltar reinsurance undertaking” means an undertaking which—

    1. (a)

      has its head office in Gibraltar; and

    2. (b)

      is authorised by the Gibraltar Financial Services Commission to effect or carry out contracts of insurance that are limited to reinsurance contracts under paragraph 24 of Schedule 2 to the Financial Services Act 2019 of Gibraltar;

  • “overseas insurance undertaking” means a person who—

    1. (a)

      is established in a country or territory other than—

      1. (i)

        the United Kingdom, or

      2. (ii)

        Gibraltar;

    2. (b)

      is not an authorised person;

    3. (c)

      is not an authorised person for the purposes of the Financial Services Act 2019 of Gibraltar; and

    4. (d)

      effects or carries out contracts of insurance as principal;

  • “overseas reinsurance undertaking” means a person who—

    1. (a)

      is established in a country or territory other than—

      1. (i)

        the United Kingdom, or

      2. (ii)

        Gibraltar;

    2. (b)

      is not an authorised person;

    3. (c)

      is not an authorised person for the purposes of the Financial Services Act 2019 of Gibraltar; and

    4. (d)

      effects or carries out contracts of insurance that are limited to reinsurance contracts as principal.”.

Annotations

Footnotes

f1

Paragraph 4A(7) was inserted by S.I. 2019/632.