1.—(1) These Regulations may be cited as the Solvency 2 Regulations 2015.
(2) Except where paragraph (3) applies, these Regulations come into force on 1st January 2016.
(3) Regulations 1, 2, 38 to 58 and paragraph 15 of Schedule 1 come into force on 31st March 2015.
(4) Before 1st January 2016, references to “the Solvency 2 Directive” in any amendment of FSMA that comes into force in accordance with paragraph (3) are to be read as if the amendments made by paragraphs 16(b) and 17(3) of Schedule 1 were already in force.
2.—(1) In these Regulations—
“capital add-on” means the amount by which the solvency capital requirement of an insurance undertaking or reinsurance undertaking, or a group, is increased by the PRA;
“EEA solvency 2 parent” means a parent undertaking with its head office in an EEA State which is—
an insurance undertaking or reinsurance undertaking which is a participating undertaking in at least one insurance undertaking, reinsurance undertaking or third-country insurance undertaking;
an insurance holding company; or
a mixed financial holding company;
“EIOPA” means the European Insurance and Occupational Pensions Authority established under the EIOPA Regulation;
“EIOPA Regulation” means Regulation (EU) No 1094/2010 of the European Parliament and of the Council of 24th November 2010 establishing a European Supervisory Authority (European Insurance and Occupational Pensions Authority)(1);
“Financial Conglomerates Directive” means Directive 2002/87/EC of the European Parliament and of the Council of 16th December 2002 on the supplementary supervision of credit institutions, insurance undertakings, and investment firms in a financial conglomerate(2);
“FSMA” means the Financial Services and Markets Act 2000(3);
“home EEA State” means—
for non-life insurance, the EEA State in which the head office of the insurance undertaking covering the risk is situated;
for life insurance, the EEA State in which the head office of the insurance undertaking covering the commitment is situated;
for reinsurance, the EEA State in which the head office of the reinsurance undertaking is situated;
“method 1” and “method 2” have the same meaning as in Articles 220 to 234 of the Solvency 2 Directive;
“non-EEA solvency 2 parent” means a parent undertaking which is—
a third-country insurance undertaking; or
an insurance holding company or mixed financial holding company with its head office outside the EEA;
“regulated entity” has the meaning given by Article 2(4) of the Financial Conglomerates Directive;
“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)(4);
“third country” means a country which is not an EEA State;
“third-country insurance undertaking” has the meaning given by Article 13(3) of the Solvency 2 Directive;
“UK solvency 2 parent” means a parent undertaking with its head office in the United Kingdom which is—
an insurance undertaking or reinsurance undertaking which is a participating undertaking in at least one insurance undertaking, reinsurance undertaking or third-country insurance undertaking;
an insurance holding company; or
a mixed financial holding company;
“ultimate EEA solvency 2 parent” means an EEA solvency 2 parent which has no parent undertaking which is an EEA solvency 2 parent or a non-EEA solvency 2 parent;
“ultimate non-EEA solvency 2 parent” means a non-EEA solvency 2 parent which has no parent undertaking which is an EEA solvency 2 parent or non-EEA solvency 2 parent;
“ultimate UK solvency 2 parent” means a UK solvency 2 parent which has no parent undertaking which is an EEA solvency 2 parent or non-EEA solvency 2 parent.
(2) Except as provided by paragraph (1) or regulation 38(2)—
(a)any expression used in these Regulations which is defined in section 417 (definitions) or 424 (insurance) of, or Part 1 of Schedule 3 to, FSMA has the meaning given by that section or Part(5);
(b)any other expression used in these Regulations which is used in the Solvency 2 Directive has the meaning which it is given in that Directive(6).
OJ no L331, 15.12.2010, p. 48.
OJ no L035, 11.02.2003, p.1.
OJ no L335, 17.12.2009, p.1, as amended by Directive 2011/89/EU (OJ no L326, 8.12.2011, p. 113), Directive 2012/23/EU (OJ no L249, 14.9.2013, p. 1), Directive 2013/23/EU (OJ no L158, 10.6.2013, p. 362), Directive 2013/58/EU (OJ no L341, 18.12.2013, p. 1) and Directive 2014/51/EU (OJ no L153, 22.5.2014, p. 1).
“FCA”, “insurance undertaking”, “PRA”, “reinsurance undertaking”, “rule” and “Tribunal” are defined in section 417 and “EEA State” is defined in Part 1 of Schedule 3.
“Branch”, “parent undertaking”, “reinsurance” and “supervisory authority” are defined in Article 13.