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35.—(1) The Bank of England Act 1998 (Macro-prudential Measures) Order 2013(1) is amended as follows.
(2) In article 1(2) (interpretation)—
(a)omit the following definitions—
(i)“first non-life directive”;
(ii)“life assurance consolidation directive”;
(iii)“reinsurance directive”;
(b)insert at the appropriate place—
““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 undertaking” for “the first non-life directive or the life assurance consolidation directive” substitute “the solvency 2 directive”;
(d)in the definition of “reinsurance undertaking” for “Article 3 of the reinsurance directive” substitute “Article 14 of the solvency 2 directive to pursue reinsurance activities within the meaning of Article 13(7) of that directive”;
(e)in the definition of “third country insurance undertaking” for “in accordance with the first non-life directive or the life assurance consolidation directive” substitute “as an insurance undertaking in accordance with Article 14 of the solvency 2 directive”;
(f)in the definition of “third country reinsurance undertaking” for “in accordance with the reinsurance directive” substitute “as a reinsurance undertaking in accordance with Article 14 of the solvency 2 directive”.
S.I. 2013/644, to which there are amendments not relevant to these Regulations.
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