Regulation 7C Power of PRA to make rulesF1
Notwithstanding regulation 7B, the PRA’s power to make general rules under section 137G of FSMA 2000f1 continues to include power to make rules permitting an insurance or reinsurance undertaking to use simplified methods to calculate risk margin which are proportionate to the nature, scale and complexity of the risk underlying its insurance or reinsurance obligations.
Annotations
Textual amendments
- F1
Pt. 2 Ch. 2 inserted (1.11.2024 for specified purposes and 31.12.20204 otherwise) by The Insurance and Reinsurance Undertakings (Prudential Requirements) (Amendment and Miscellaneous Provisions) Regulations 2024 (S.I. 2024/1083), regs. 1(2), 2(5)
Footnotes
- f1
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Section 138BA was inserted by section 34 of the Financial Services and Markets Act 2023 (c. 29).
Notes on Part 2
Textual amendments
- F1
Pt. 2 heading inserted (1.11.2024 for specified purposes and 31.12.20204 otherwise) by The Insurance and Reinsurance Undertakings (Prudential Requirements) (Amendment and Miscellaneous Provisions) Regulations 2024 (S.I. 2024/1083), regs. 1(2), 2(3)