Regulation 16 UK insurance firms: changes to servicesI1
United Kingdom
A UK firm which is providing services in exercise of an EEA right, deriving from F1the Solvency 2 Directive, must not make a change in the relevant details (as defined in regulation 17), unless the relevant requirements have been complied with.
For the purposes of this regulation, the “relevant requirements” are those of paragraph (3) or (if the change is occasioned by circumstances beyond the firm’s control) paragraph (4).
The requirements of this paragraph are that—
the firm has given a notice to the Authority stating the details of the proposed change; and
the Authority has given the host state regulator a notice under paragraph (6)(a).
The requirements of this paragraph are that the firm has as soon as practicable (whether before or after the change) given a notice to the Authority stating the details of the change.
The Authority must, within one month of receiving a notice under paragraph (3)(a), either consent to the change or refuse to consent to the change.
If the Authority consents to the change, it must—
give a notice to the host state regulator informing it of the details of the proposed change; and
inform the firm that it has given that notice, stating the date on which it did so.
If the Authority refuses to consent to the change—
the firm may refer the matter to the Tribunal; and
the Authority must give notice to the firm of the refusal, stating the reasons for it, and giving an indication of the firm’s right to refer the matter to the Tribunal, and the procedure on such a reference.
Annotations
Textual amendments
- F1
Words in reg. 16(1) substituted (1.1.2016) by The Solvency 2 Regulations 2015 (S.I. 2015/575), reg. 1(2), Sch. 2 para. 13(5)