The Solvency 2 Regulations 2015

Occupational Pension Schemes (Investment) Regulations 2005

24.—(1) The Occupational Pension Schemes (Investment) Regulations 2005(1) are amended as follows.

(2) In regulation 1(2) (interpretation)—

(a) omit the definition of the “the Life Directive”;

(b) insert at the appropriate place—

““the Solvency 2 Directive” means Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II);”;

(c) in the definition of “insurance policy” for “article 2 of the Life Directive, but excluding a contract of a kind referred to in article 2(2)(c) and (d) of that Directive” substitute “Article 2(3) of the Solvency 2 Directive, but excluding a contract of a kind referred to in Article 2(3)(b)(iii) or (iv) of that Directive”;

(d) in paragraph (b) of the definition of “qualifying insurance policy”—

(i) for “competent authorities” substitute “supervisory authorities”;

(ii) for “assurance” substitute “life insurance”;

(iii) for “Annex I to the Life Directive” substitute “Annex II to the Solvency 2 Directive”.

(1)

S.I. 2005/3378; relevant amending instruments are S.I. 2006/778 and 2013/472.