The Solvency 2 Regulations 2015

Bank of England Act 1998 (Macro-prudential Measures) Order 2013 U.K.

35.—(1) The Bank of England Act 1998 (Macro-prudential Measures) Order 2013 M1 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 ”.

Marginal Citations

M1 S.I. 2013/644, to which there are amendments not relevant to these Regulations.