Regulation 7 Transitional provision – other approvals under the Solvency 2 Regulations 2015

As made

(1)

F1This regulation applies where immediately before 31st December 2024 an insurance undertaking, a reinsurance undertaking, or an intermediate holding company, as the case may be, has an approval under a regulation of the Solvency 2 Regulations 2015^f1 listed in the first column of the table in the Schedule (“the table”).

(2)

On 31st December 2024 any approval to which paragraph (1) applies, including an approval applied at the level of the group where the PRA is group supervisor in accordance with regulation 28 of the Solvency 2 Regulations 2015^f2, becomes a permission granted by the PRA to apply the listed PRA rule with the specified modifications to the relevant text.

(3)

In paragraph (1), an “approval” means an approval as it has effect immediately before 31st December 2024;

(4)

In paragraph (2)—

(a)

“a permission granted by the PRA” means a permission granted under section 138BA of FSMA 2000^f3 (disapplication or modification of rules in individual cases);

(b)

“the listed PRA rule” means the PRA rule listed in the second column of the corresponding row of the table;

(c)

“the specified modifications” means the modifications set out in the fourth column of the corresponding row of the table;

(d)

“the relevant text” means the text set out in the third column of the corresponding row of the table;

(e)

in paragraphs (b) to (d), “the corresponding row of the table” means the row in which the regulation under which the approval was granted is listed in the first column.

(5)

The permissions are to be treated as if—

(a)

they were granted on the basis of the information supplied by the undertaking or holding company and referred to in the approval;

(b)

any requirements that applied to the approval immediately before 31st December 2024 continue to apply;

(c)

in the case of an approval under regulation 45 of the Solvency 2 Regulations 2015 (eligible own funds for an intermediate holding company), the permissions were granted to insurance or reinsurance undertakings in the group;

(d)

in the case of an approval under regulation 54 of the Solvency 2 Regulations 2015^f4 (transitional measures on technical provisions) the following conditions do not apply—

(i)

any condition limiting the amount of an approved deduction imposed upon the undertaking in accordance with regulation 54(5) of the Solvency 2 Regulations 2015.

(ii)

any condition providing an expiry referred to in the approval, which applied immediately before 31st December 2024.

(e)

an application had been made for each of the permissions under and in compliance with all the applicable requirements of section 138BA of FSMA 2000 and the Financial Services and Markets Act 2000 (Disapplication or Modification of Financial Regulator Rules in Individual Cases) Regulations 2024.

(6)

Nothing in this regulation prevents the PRA from varying or revoking a permission in accordance with section 138BA of FSMA 2000 and the Financial Services and Markets Act 2000 (Disapplication or Modification of Financial Regulator Rules in Individual Cases) Regulations 2024.

Annotations

Textual amendments

F1: Reg. 7 inserted (31.12.2024) by The Insurance and Reinsurance Undertakings (Overseas Insurance Regime, Transitional Provisions, etc.) Regulations 2024 (S.I. 2024/1116), regs. 1(2), 5(1)

Footnotes

f1: S.I. 2019/407.
f2: EUR 2015/35.
f3: Article 43 was amended by S.I. 2019/1233.
f4: Article 278(1) was amended by S.I. 2019/407.