# The Insurance and Reinsurance Undertakings (Prudential Requirements) (Amendment and Miscellaneous Provisions) Regulations 2024, Regulation 10: Amendments to Schedule 6 (threshold conditions)


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)—
(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—
(a) has its head office in Gibraltar; and
(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—
(a) has its head office in Gibraltar; and
(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—
(a) is established in a country or territory other than—
(i) the United Kingdom, or
(ii) Gibraltar;
(b) is not an authorised person;
(c) is not an authorised person for the purposes of the Financial Services Act 2019 of Gibraltar; and
(d) effects or carries out contracts of insurance as principal;
“overseas reinsurance undertaking” means a person who—
(a) is established in a country or territory other than—
(i) the United Kingdom, or
(ii) Gibraltar;
(b) is not an authorised person;
(c) is not an authorised person for the purposes of the Financial Services Act 2019 of Gibraltar; and
(d) effects or carries out contracts of insurance that are limited to reinsurance contracts as principal.”.

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Source: https://www.legislation.gov.uk/ukdsi/2024/9780348263190/regulation/10 (the official version)
Page: https://openlegislation.uk/draft-insurance-and-reinsurance-undertakings-prudential-requirements-amendment-and-miscellaneous-provisions-regulations-2024/regulation-10
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.