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The Financial Services Contracts (Transitional and Saving Provision) (EU Exit) Regulations 2019

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Insurance

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6.  After regulation 71 of the EEA Passport Rights (Amendment, etc., and Transitional Provisions) (EU Exit) Regulations 2018(1) (Financial Services Compensation Scheme), insert—

Insurance and reinsurance - modification of Part 4 of the Solvency 2 Regulations 2015

72.(1)  In respect of a person to whom regulation 28 or 34 applies, Part 4 of the Solvency 2 Regulations 2015 (approvals) is modified as follows.

(2) That Part has effect as if, after Chapter 2, there were inserted—

CHAPTER 2ADeemed approval

54A.(1) A person to whom regulation 28 or 34 of the EEA Passport Rights (Amendment etc., and Transitional Provisions) Regulations 2018 (“the 2018 Regulations”) applies is to be treated as if the PRA has granted to the person an approval, determined in accordance with paragraphs (2) and (3), with respect to the person carrying on business in the UK through a branch.

(2) In respect of a person—

(a)who, immediately before the day on which regulation 28 or 34 of the 2018 Regulations first applies to the person, is approved by a supervisory authority of an EEA State—

(i)in respect of the matter mentioned in the first column of the following table and

(ii)under the provision of the Solvency 2 Directive mentioned in the corresponding entry in the second column of the table, and

(b)whose approval is applicable to the person’s permanent presence in the UK,

the approval a person is treated as having is the approval mentioned in the corresponding entry in the third column of the table.

Solvency 2 approvalApproval granted by supervisory authority of an EEA StateDeemed approval granted by the PRA
Matching adjustment to the relevant risk-free interest rate term structureArticle 77b of the Solvency 2 DirectiveRegulation 42
Volatility adjustment to the relevant risk-free interest rate term structureArticle 77d of the Solvency 2 DirectiveRegulation 43
Ancillary own fundsArticle 90 of the Solvency 2 DirectiveRegulation 44
Classification of own fundsArticle 95 of the Solvency 2 DirectiveRegulation 46
Full and partial internal modelArticle 112 and 113 of the Solvency 2 DirectiveRegulation 48(1)(a)
Group internal model to calculate the solvency capital requirement of an insurance or reinsurance undertakingArticle 231 or 233(5) of the Solvency 2 DirectiveRegulation 48(1)(a)
Policy for changing a full and partial internal modelArticle 115 of the Solvency 2 DirectiveRegulation 48(1)(c)
Transitional measure on risk-free interest ratesArticle 308c of the Solvency 2 DirectiveRegulation 53
Transitional measure on technical provisionsArticle 308d of the Solvency 2 DirectiveRegulation 54
Design of the basic solvency capital requirementArticle 104(7) of the Solvency 2 DirectiveRegulation 47

(3) In respect of a person—

(a)who, immediately before the day on which regulation 28 or 34 of the 2018 Regulations first applies to the person, is applying a volatility adjustment to the relevant risk-free interest rate term structure in order to calculate the best estimate referred to in Article 77(2) of the Solvency 2 Directive on a date specified by the PRA, and

(b)whose approval by a supervisory authority of an EEA State is not required,

the approval a person is treated as having is an approval under regulation 43.

(3) Regulation 55 (decisions: written notices) has effect as if, after paragraph (2), there were inserted—

(2A) If the PRA revokes an approval, the written notice must, where applicable, state the day on which regulation 54A ceases to apply.

(1)

Inserted by regulation 5.

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