{
  "url": "https://openlegislation.uk/draft-insurance-and-reinsurance-undertakings-prudential-requirements-amendment-and-miscellaneous-provisions-regulations-2024/regulation-10",
  "json_url": "https://openlegislation.uk/draft-insurance-and-reinsurance-undertakings-prudential-requirements-amendment-and-miscellaneous-provisions-regulations-2024/regulation-10.json",
  "legislation": "ukdsi/2024/9780348263190",
  "legislation_title": "The Insurance and Reinsurance Undertakings (Prudential Requirements) (Amendment and Miscellaneous Provisions) Regulations 2024",
  "legislation_url": "https://openlegislation.uk/draft-insurance-and-reinsurance-undertakings-prudential-requirements-amendment-and-miscellaneous-provisions-regulations-2024",
  "path": "regulation/10",
  "kind": "regulation",
  "number": "10",
  "heading": "Amendments to Schedule 6 (threshold conditions)",
  "text": "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—\n(a) in sub-paragraph (7)—\n(i) for “third country insurance or reinsurance undertakings” substitute “overseas insurance undertakings or overseas reinsurance undertakings”;\n(ii) for “Gibraltarian insurance or reinsurance undertakings” substitute “Gibraltar insurance undertakings or Gibraltar reinsurance undertakings”;\n(iii) omit from “; and for these purposes” to the end.\n(b) after sub-paragraph (7) insert—\n“(8) In this paragraph—\n“Gibraltar insurance undertaking” means an undertaking which—\n(a) has its head office in Gibraltar; and\n(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;\n“Gibraltar reinsurance undertaking” means an undertaking which—\n(a) has its head office in Gibraltar; and\n(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;\n“overseas insurance undertaking” means a person who—\n(a) is established in a country or territory other than—\n(i) the United Kingdom, or\n(ii) Gibraltar;\n(b) is not an authorised person;\n(c) is not an authorised person for the purposes of the Financial Services Act 2019 of Gibraltar; and\n(d) effects or carries out contracts of insurance as principal;\n“overseas reinsurance undertaking” means a person who—\n(a) is established in a country or territory other than—\n(i) the United Kingdom, or\n(ii) Gibraltar;\n(b) is not an authorised person;\n(c) is not an authorised person for the purposes of the Financial Services Act 2019 of Gibraltar; and\n(d) effects or carries out contracts of insurance that are limited to reinsurance contracts as principal.”.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "footnote",
      "label": "f1",
      "text": "Paragraph 4A(7) was inserted by S.I. 2019/632."
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukdsi/2024/9780348263190/regulation/10",
    "retrieved_at": "2026-10-30T14:40:50.365115+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}