OpenLegislation

The Solvency 2 Regulations 2015 (revoked)

S.I. 2015/575 · Made 6 March 2015 · Extends to United Kingdom

Up to date with all changes known to legislation.gov.uk, revised to 27 February 2025.

Financial Services And Markets

Made 6th March 2015

Laid before Parliament 9th March 2015

Coming into force in accordance with regulation 1

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Annotations to the whole text

Textual amendments

F1

Regulations revoked (30.6.2024 for the revocation of regs. 4B, 42, 31.12.2024 in so far as not already in force) by Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 1 Pt. 2 (with s. 1(4)); S.I. 2023/1382, reg. 5(b); S.I. 2024/620, reg. 2(b)(i) (with savings in relation to a Gibraltar group or a Gibraltar undertaking in S.I. 2024/1083, reg. 3 and transitional provisions in S.I. 2024/594 (as amended (31.12.2024) by S.I. 2024/1116, regs. 1(2), 5, Sch.)); and Regulations amended (27.2.2025), in so far as still in force, by The Retained EU Law (Revocation and Reform) Act 2023 (Consequential Amendments) Regulations 2025 (S.I. 2025/82), reg. 1(2), Sch. 9 para. 20

Contents

  1. Part 1: Citation, commencement and interpretation Repealed
  2. 1Citation and commencement Repealed
  3. 2Interpretation Repealed
  4. Part 2: Supervision Repealed
  5. 3Exercise of PRA and FCA functions Repealed
  6. 4Review of capital add-ons Repealed
  7. 4ANon-compliance with solvency capital requirement and exceptional adverse situations Repealed
  8. 4BDuty to publish technical information Repealed
  9. 4CPowers in relation to Gibraltar undertakings Repealed
  10. 4DProcedure on the exercise of powers under regulation 4C Repealed
  11. 5Passporting: notification of home state regulator Repealed
  12. 6EIOPA: information Repealed
  13. 7EIOPA and EBA: notifications Repealed
  14. 8Other EEA States: information Repealed
  15. 9Non-compliance with the minimum capital requirement: provision of information to other supervisory authorities Repealed
  16. 9ARegulation 9A Repealed
  17. 9BRegulation 9B Repealed
  18. Part 3: Groups Repealed
  19. Chapter 1: Cases of application and scope Repealed
  20. 10Risk concentration and intra-group transactions Repealed
  21. 11Equivalent provisions Repealed
  22. 12Exclusion of undertaking from group supervision Repealed
  23. Chapter 2: Levels Repealed
  24. 13Supervision of parents and subgroups at national level: substantive powers Repealed
  25. 14Supervision of parents and subgroups at national level: procedure Repealed
  26. Chapter 3: Group Solvency Repealed
  27. 15Supervision of group solvency and frequency of calculation Repealed
  28. 16Choice of method Repealed
  29. 17Inclusion of proportional share Repealed
  30. 18Related undertakings: calculation of group solvency Repealed
  31. 19Participating undertakings: calculation of group solvency Repealed
  32. 19AGibraltar undertakings: calculation of group solvency Repealed
  33. 20Internal models and capital add-ons Repealed
  34. 21Subsidiaries: solvency capital requirement Repealed
  35. 22Subsidiaries: non-compliance with the solvency and minimum capital requirements Repealed
  36. 23Subsidiaries: revocation of approval for applying Articles 238 and 239 of the Solvency 2 Directive Repealed
  37. Chapter 4: Risk concentration and intra-group transactions Repealed
  38. 24Supervision of risk concentration and intra-group transactions Repealed
  39. Chapter 5: Risk management and internal control Repealed
  40. 25Supervision of system of governance Repealed
  41. Chapter 6: Measures to facilitate group supervision Repealed
  42. 26Rule for deciding the group supervisor Repealed
  43. 27Exceptions to the rule for deciding the group supervisor Repealed
  44. 28Duties of group supervisor ... Repealed
  45. 29Cooperation and exchange of information between supervisory authorities Repealed
  46. 30Consultation between supervisory authorities Repealed
  47. 31Access to information Repealed
  48. 32Verification of information Repealed
  49. 33Group solvency and financial condition report Repealed
  50. 34Enforcement measures Repealed
  51. Chapter 7: Third countries Repealed
  52. 35Non-EEA solvency 2 parent undertakings: equivalence Repealed
  53. 36Parent undertaking outside the United Kingdom: absence of equivalence Repealed
  54. 36AParent undertakings outside the United Kingdom: levels Repealed
  55. Chapter 8: Mixed-activity insurance holding companies Repealed
  56. 37Intra-group transactions Repealed
  57. Part 4: Approvals Repealed
  58. Chapter 1: Procedure: applications Repealed
  59. 38Meaning of “approval”, “group application” and “protected item” Repealed
  60. 39Applications: eligibility, process, information and documents Repealed
  61. 40Additional process: applications from groups and applications to more than one supervisory authority Repealed
  62. Chapter 2: Specific Approvals Repealed
  63. 41Verification that the Solvency 2 Directive does not apply Repealed
  64. 42Matching adjustment Repealed
  65. 43Volatility adjustment Repealed
  66. 44Supervisory approval of ancillary own-funds Repealed
  67. 45Eligible own funds for an intermediate insurance holding company Repealed
  68. 46Classification of funds Repealed
  69. 47Basic Solvency Capital Requirement Repealed
  70. 48Models Repealed
  71. 49Group applications Repealed
  72. 50Third-country insurance undertakings: approval of supervision in more than one EEA State Repealed
  73. 51Withdrawal of authorisation for third-country insurance undertakings authorised in more than one EEA State Repealed
  74. 52Subsidiaries: application of Articles 238 and 239 of the Solvency 2 Directive Repealed
  75. 53Transitional measures on risk-free interest rates Repealed
  76. 54Transitional measures on technical provisions Repealed
  77. Chapter 3: Procedure: decisions, appeals and notices Repealed
  78. 55Decisions: written notices Repealed
  79. 56Appeals Repealed
  80. 57Publication of written notices Repealed
  81. Chapter 4: Rule waivers Repealed
  82. 58Modification or waiver of rules Repealed
  83. Part 5: Amendments Repealed
  84. 59Amendments Repealed
  85. 60Regulation 60 Repealed
  86. Signature
  87. Schedule 1: Amendments to primary legislation Repealed
  88. Part 1: Amendments to FSMA Repealed
  89. 1Paragraph 1 Repealed
  90. 2Paragraph 2 Repealed
  91. 3Paragraph 3 Repealed
  92. 4Paragraph 4 Repealed
  93. 5Paragraph 5 Repealed
  94. 6Paragraph 6 Repealed
  95. 7Paragraph 7 Repealed
  96. 8Paragraph 8 Repealed
  97. 9Paragraph 9 Repealed
  98. 10Paragraph 10 Repealed
  99. 11Paragraph 11 Repealed
  100. 12Paragraph 12 Repealed
  101. 13Paragraph 13 Repealed
  102. 14Paragraph 14 Repealed
  103. 15Paragraph 15 Repealed
  104. 16Paragraph 16 Repealed
  105. 17Paragraph 17 Repealed
  106. 18Paragraph 18 Repealed
  107. Part 2: Amendments to other primary legislation Repealed
  108. 19Friendly Societies Act 1992 Repealed
  109. 20Finance Act 1997 Repealed
  110. 21Terrorism Act 2000 Repealed
  111. 22Capital Allowances Act 2001 Repealed
  112. 23Proceeds of Crime Act 2002 Repealed
  113. 24Finance Act 2003 Repealed
  114. 25Companies Act 2006 Repealed
  115. 26Corporation Tax Act 2009 Repealed
  116. Schedule 2: Amendments to secondary legislation Repealed
  117. 1Insolvency (Scotland) Rules 1986 Repealed
  118. 2Companies (1986 Order) (Insurance Companies Accounts) Regulations (Northern Ireland) 1994 Repealed
  119. 3Mineworkers' Pension Scheme (Modification) Regulations 1994 Repealed
  120. 4Industry-Wide Mineworkers' Pension Scheme Regulations 1994 Repealed
  121. 5Insurance Companies (Overseas Life Assurance Business) (Compliance) Regulations 1995 Repealed
  122. 6Occupational Pension Schemes (Scheme Administration) Regulations 1996 Repealed
  123. 7Occupational Pension Schemes (Scheme Administration) Regulations (Northern Ireland) 1997 Repealed
  124. 8Individual Savings Account Regulations 1998 Repealed
  125. 9Competition Act 1998 (Small Agreements and Conduct of Minor Significance) Regulations 2000 Repealed
  126. 10Competition Act 1998 (Determination of Turnover for Penalties) Order 2000 Repealed
  127. 11Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 Repealed
  128. 12The Financial Services and Markets Act 2000 (Disclosure of Confidential Information) Regulations 2001 Repealed
  129. 13Financial Services and Markets Act 2000 (EEA Passport Rights) Regulations 2001 Repealed
  130. 14Financial Services and Markets Act 2000 (Law Applicable to Contracts of Insurance) Regulations 2001 Repealed
  131. 15The Financial Services and Markets Act 2000 (Control of Business Transfers) (Requirements on Applicants) Regulations 2001 (Article 39) Repealed
  132. 16Enterprise Act 2002 (Merger Fees and Determination of Turnover) Order 2003 Repealed
  133. 17Insurers (Reorganisation and Winding Up) Regulations 2004 Repealed
  134. 18Child Trust Funds Regulations 2004 Repealed
  135. 19Financial Conglomerates and Other Financial Groups Regulations 2004 Repealed
  136. 20Pension Protection Fund (Entry Rules) Regulations (Northern Ireland) 2005 Repealed
  137. 21Occupational Pension Schemes (Investment) Regulations (Northern Ireland) 2005 Repealed
  138. 22Pension Protection Fund (Entry Rules) Regulations 2005 Repealed
  139. 23Insurers (Reorganisation and Winding Up) (Lloyd's) Regulations 2005 Repealed
  140. 24Occupational Pension Schemes (Investment) Regulations 2005 Repealed
  141. 25Money Laundering Regulations 2007 Repealed
  142. 26Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 Repealed
  143. 27Insurance Accounts Directive (Miscellaneous Insurance Undertakings) Regulations 2008 Repealed
  144. 28Payment Services Regulations 2009 Repealed
  145. 29Mutual Societies (Transfers) Order 2009 Repealed
  146. 30Financial Services and Markets Act 2000 (Controllers) (Exemption) Order 2009 Repealed
  147. 31Financial Services and Markets Act 2000 (Law Applicable to Contracts of Insurance) Regulations 2009 Repealed
  148. 32Occupational and Personal Pension Schemes (Automatic Enrolment) Regulations (Northern Ireland) 2010 Repealed
  149. 33Occupational and Personal Pension Schemes (Automatic Enrolment) Regulations 2010 Repealed
  150. 34Electronic Money Regulations 2011 Repealed
  151. 35Bank of England Act 1998 (Macro-prudential Measures) Order 2013 Repealed
  152. 36Enterprise Act 2002 (Mergers) (Interim Measures: Financial Penalties) (Determination of Control and Turnover) Order 2014 Repealed
  153. Schedule 3: Parent undertakings outside the EEA: equivalence Repealed
  154. 1Paragraph 1 Repealed
  155. 2Paragraph 2 Repealed
  156. 3Paragraph 3 Repealed
  157. 4Paragraph 4 Repealed
  158. 5Paragraph 5 Repealed
  159. 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 Repealed
  160. 1Paragraph 1 Repealed
  161. 2Paragraph 2 Repealed
  162. 3Paragraph 3 Repealed
  163. Schedule 5: Procedure for group applications Repealed
  164. 1Paragraph 1 Repealed
  165. 2Paragraph 2 Repealed
  166. 3Paragraph 3 Repealed
  167. Explanatory note