Regulation 4 Consequential amendments to the Solvency 2 Regulations 2015I1

The Solvency 2 Regulations 2015 are amended as follows.

In regulation 53 (transitional measures on risk-free interest rates), in paragraph (2)(c), after “regulation 42” insert “, or on or after 30th June 2024, a permission given in accordance with section 138BA of FSMA and regulation 4 of the Insurance and Reinsurance Undertakings (Prudential Requirements) Regulations 2023”.

In regulation 54^f1 (transitional measures on technical provisions), in paragraph (10), in Table 3, in the second column corresponding to condition 1, for “or 43” substitute “, a permission given in accordance with section 138BA of FSMA and regulation 4 of the Insurance and Reinsurance Undertakings (Prudential Requirements) Regulations 2023, or an approval granted under regulation 43”.

In regulation 58 (modification or waiver of rules), in paragraph (2) omit “42,”.