# The Solvency 2 Regulations 2015 (revoked) S.I. 2015/575 · made 6 March 2015 · revised to 27 February 2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . PDFs: Printed copy https://openlegislation.uk/solvency-2-regulations-2015-revoked/pdf/uksi_20150575_en.pdf; UK Explanatory Memorandum https://openlegislation.uk/solvency-2-regulations-2015-revoked/pdf/uksiem_20150575_en.pdf ## Introductory text Financial Services And Markets Made 6th March 2015 Laid before Parliament 9th March 2015 Coming into force in accordance with regulation 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## Part 1: Citation, commencement and interpretation ## 1 Citation and commencement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 2 Interpretation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## Part 2: Supervision ## 3 Exercise of PRA and FCA functions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 4 Review of capital add-ons . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 4A Non-compliance with solvency capital requirement and exceptional adverse situations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 4B Duty to publish technical information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 4C Powers in relation to Gibraltar undertakings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 4D Procedure on the exercise of powers under regulation 4C . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 5 Passporting: notification of home state regulator . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 6 EIOPA: information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 7 EIOPA and EBA: notifications . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 8 Other EEA States: information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 9 Non-compliance with the minimum capital requirement: provision of information to other supervisory authorities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 9A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 9B . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## Part 3: Groups ### Chapter 1: Cases of application and scope ## 10 Risk concentration and intra-group transactions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 11 Equivalent provisions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 12 Exclusion of undertaking from group supervision . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ### Chapter 2: Levels ## 13 Supervision of parents and subgroups at national level: substantive powers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 14 Supervision of parents and subgroups at national level: procedure . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ### Chapter 3: Group Solvency ## 15 Supervision of group solvency and frequency of calculation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 16 Choice of method . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 17 Inclusion of proportional share . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 18 Related undertakings: calculation of group solvency . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 19 Participating undertakings: calculation of group solvency . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 19A Gibraltar undertakings: calculation of group solvency . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 20 Internal models and capital add-ons . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 21 Subsidiaries: solvency capital requirement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 22 Subsidiaries: non-compliance with the solvency and minimum capital requirements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 23 Subsidiaries: revocation of approval for applying Articles 238 and 239 of the Solvency 2 Directive . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ### Chapter 4: Risk concentration and intra-group transactions ## 24 Supervision of risk concentration and intra-group transactions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ### Chapter 5: Risk management and internal control ## 25 Supervision of system of governance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ### Chapter 6: Measures to facilitate group supervision ## 26 Rule for deciding the group supervisor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 27 Exceptions to the rule for deciding the group supervisor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 28 Duties of group supervisor ... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 29 Cooperation and exchange of information between supervisory authorities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 30 Consultation between supervisory authorities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 31 Access to information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 32 Verification of information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 33 Group solvency and financial condition report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 34 Enforcement measures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ### Chapter 7: Third countries ## 35 Non-EEA solvency 2 parent undertakings: equivalence . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 36 Parent undertaking outside the United Kingdom: absence of equivalence . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 36A Parent undertakings outside the United Kingdom: levels . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ### Chapter 8: Mixed-activity insurance holding companies ## 37 Intra-group transactions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## Part 4: Approvals ### Chapter 1: Procedure: applications ## 38 Meaning of “approval”, “group application” and “protected item” . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 39 Applications: eligibility, process, information and documents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 40 Additional process: applications from groups and applications to more than one supervisory authority . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ### Chapter 2: Specific Approvals ## 41 Verification that the Solvency 2 Directive does not apply . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 42 Matching adjustment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 43 Volatility adjustment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 44 Supervisory approval of ancillary own-funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 45 Eligible own funds for an intermediate insurance holding company . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 46 Classification of funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 47 Basic Solvency Capital Requirement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 48 Models . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 49 Group applications . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 50 Third-country insurance undertakings: approval of supervision in more than one EEA State . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 51 Withdrawal of authorisation for third-country insurance undertakings authorised in more than one EEA State . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 52 Subsidiaries: application of Articles 238 and 239 of the Solvency 2 Directive . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 53 Transitional measures on risk-free interest rates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 54 Transitional measures on technical provisions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ### Chapter 3: Procedure: decisions, appeals and notices ## 55 Decisions: written notices . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 56 Appeals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 57 Publication of written notices . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ### Chapter 4: Rule waivers ## 58 Modification or waiver of rules . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## Part 5: Amendments ## 59 Amendments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 60 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## Signature . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## Schedule 1: Amendments to primary legislation ### Part 1: Amendments to FSMA ## 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 10 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 11 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 12 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 13 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 14 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 16 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 17 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 18 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ### Part 2: Amendments to other primary legislation ## 19 Friendly Societies Act 1992 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 20 Finance Act 1997 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 21 Terrorism Act 2000 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 22 Capital Allowances Act 2001 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 23 Proceeds of Crime Act 2002 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 24 Finance Act 2003 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 25 Companies Act 2006 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 26 Corporation Tax Act 2009 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## Schedule 2: Amendments to secondary legislation ## 1 Insolvency (Scotland) Rules 1986 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 2 Companies (1986 Order) (Insurance Companies Accounts) Regulations (Northern Ireland) 1994 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 3 Mineworkers' Pension Scheme (Modification) Regulations 1994 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 4 Industry-Wide Mineworkers' Pension Scheme Regulations 1994 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 5 Insurance Companies (Overseas Life Assurance Business) (Compliance) Regulations 1995 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 6 Occupational Pension Schemes (Scheme Administration) Regulations 1996 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 7 Occupational Pension Schemes (Scheme Administration) Regulations (Northern Ireland) 1997 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 8 Individual Savings Account Regulations 1998 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 9 Competition Act 1998 (Small Agreements and Conduct of Minor Significance) Regulations 2000 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 10 Competition Act 1998 (Determination of Turnover for Penalties) Order 2000 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 11 Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 12 The Financial Services and Markets Act 2000 (Disclosure of Confidential Information) Regulations 2001 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 13 Financial Services and Markets Act 2000 (EEA Passport Rights) Regulations 2001 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 14 Financial Services and Markets Act 2000 (Law Applicable to Contracts of Insurance) Regulations 2001 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 15 The Financial Services and Markets Act 2000 (Control of Business Transfers) (Requirements on Applicants) Regulations 2001 (Article 39) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 16 Enterprise Act 2002 (Merger Fees and Determination of Turnover) Order 2003 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 17 Insurers (Reorganisation and Winding Up) Regulations 2004 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 18 Child Trust Funds Regulations 2004 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 19 Financial Conglomerates and Other Financial Groups Regulations 2004 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 20 Pension Protection Fund (Entry Rules) Regulations (Northern Ireland) 2005 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 21 Occupational Pension Schemes (Investment) Regulations (Northern Ireland) 2005 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 22 Pension Protection Fund (Entry Rules) Regulations 2005 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 23 Insurers (Reorganisation and Winding Up) (Lloyd's) Regulations 2005 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 24 Occupational Pension Schemes (Investment) Regulations 2005 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 25 Money Laundering Regulations 2007 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 26 Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 27 Insurance Accounts Directive (Miscellaneous Insurance Undertakings) Regulations 2008 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 28 Payment Services Regulations 2009 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 29 Mutual Societies (Transfers) Order 2009 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 30 Financial Services and Markets Act 2000 (Controllers) (Exemption) Order 2009 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 31 Financial Services and Markets Act 2000 (Law Applicable to Contracts of Insurance) Regulations 2009 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 32 Occupational and Personal Pension Schemes (Automatic Enrolment) Regulations (Northern Ireland) 2010 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 33 Occupational and Personal Pension Schemes (Automatic Enrolment) Regulations 2010 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 34 Electronic Money Regulations 2011 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 35 Bank of England Act 1998 (Macro-prudential Measures) Order 2013 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 36 Enterprise Act 2002 (Mergers) (Interim Measures: Financial Penalties) (Determination of Control and Turnover) Order 2014 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## Schedule 3: Parent undertakings outside the EEA: equivalence ## 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## Schedule 4: Procedure for an application for a subsidiary to be subject to national law implementing Articles 238 and 239 of the Solvency 2 Directive ## 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## Schedule 5: Procedure for group applications ## 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## Explanatory note . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . --- Source: https://www.legislation.gov.uk/uksi/2015/575 (the official version) Page: https://openlegislation.uk/solvency-2-regulations-2015-revoked Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.