Solvency 2 Regulations 2015 [SI 2015 No. 575]

Version status: Revoked | Document consolidation status: Updated to reflect all known changes

Published date: 6 March 2015

Solvency 2 Regulations 2015 [SI 2015 No. 575]

	Introductory Text
	Part 1 Citation, commencement and interpretation (ss. 1-2)
	Regulation 1 Citation and commencement
	Regulation 2 Interpretation
	Part 2 Supervision (ss. 3-9B)
	Regulation 3 Exercise of PRA and FCA functions
	Regulation 4 Review of capital add-ons
	Regulation 4A Non-compliance with solvency capital requirement and exceptional adverse situations
	Regulation 4B Duty to publish technical information
	Regulation 4C Powers in relation to Gibraltar undertakings
	Regulation 4D Procedure on the exercise of powers under regulation 4C
	Regulation 5 Passporting: notification of home state regulator
	Regulation 6 EIOPA: information
	Regulation 7 EIOPA and EBA: notifications
	Regulation 8 Other EEA States: information
	Regulation 9 Non-compliance with the minimum capital requirement: provision of information to other supervisory authorities
	Regulation 9A
	Regulation 9B
	Part 3 Groups (ss. 10-37)
	Chapter 1 Cases of application and scope (ss. 10-12)
	Regulation 10 Risk concentration and intra-group transactions
	Regulation 11 Equivalent provisions
	Regulation 12 Exclusion of undertaking from group supervision
	Chapter 2 Levels (ss. 13-14)
	Regulation 13 Supervision of parents and subgroups at national level: substantive powers
	Regulation 14 Supervision of parents and subgroups at national level: procedure
	Chapter 3 Group Solvency (ss. 15-23)
	Regulation 15 Supervision of group solvency and frequency of calculation
	Regulation 16 Choice of method
	Regulation 17 Inclusion of proportional share
	Regulation 18 Related undertakings: calculation of group solvency
	Regulation 19 Participating undertakings: calculation of group solvency
	Regulation 19A Gibraltar undertakings: calculation of group solvency
	Regulation 20 Internal models and capital add-ons
	Regulation 21 Subsidiaries: solvency capital requirement
	Regulation 22 Subsidiaries: non-compliance with the solvency and minimum capital requirements
	Regulation 23 Subsidiaries: revocation of approval for applying Articles 238 and 239 of the Solvency 2 Directive
	Chapter 4 Risk concentration and intra-group transactions (s. 24)
	Regulation 24 Supervision of risk concentration and intra-group transactions
	Chapter 5 Risk management and internal control (s. 25)
	Regulation 25 Supervision of system of governance
	Chapter 6 Measures to facilitate group supervision (ss. 26-34)
	Regulation 26 Rule for deciding the group supervisor
	Regulation 27 Exceptions to the rule for deciding the group supervisor
	Regulation 28 Duties of group supervisor
	Regulation 29 Cooperation and exchange of information between supervisory authorities
	Regulation 30 Consultation between supervisory authorities
	Regulation 31 Access to information
	Regulation 32 Verification of information
	Regulation 33 Group solvency and financial condition report
	Regulation 34 Enforcement measures
	Chapter 7 Third countries (ss. 35-36A)
	Regulation 35 Non-EEA solvency 2 parent undertakings: equivalence
	Regulation 36 Parent undertaking outside the United Kingdom: absence of equivalence
	Regulation 36A Parent undertakings outside the United Kingdom: levels
	Chapter 8 Mixed-activity insurance holding companies (s. 37)
	Regulation 37 Intra-group transactions
	Part 4 Approvals (ss. 38-58)
	Chapter 1 Procedure: applications (ss. 38-40)
	Regulation 38 Meaning of "approval", "group application" and "protected item"
	Regulation 39 Applications: eligibility, process, information and documents
	Regulation 40 Additional process: applications from groups and applications to more than one supervisory authority
	Chapter 2 Specific Approvals (ss. 41-54)
	Regulation 41 Verification that the Solvency 2 Directive does not apply
	Regulation 42 Matching adjustment
	Regulation 43 Volatility adjustment
	Regulation 44 Supervisory approval of ancillary own-funds
	Regulation 45 Eligible own funds for an intermediate insurance holding company
	Regulation 46 Classification of funds
	Regulation 47 Basic Solvency Capital Requirement
	Regulation 48 Models
	Regulation 49 Group applications
	Regulation 50 Third-country insurance undertakings: approval of supervision in more than one EEA State
	Regulation 51 Withdrawal of authorisation for third-country insurance undertakings authorised in more than one EEA State
	Regulation 52 Subsidiaries: application of Articles 238 and 239 of the Solvency 2 Directive
	Regulation 53 Transitional measures on risk-free interest rates
	Regulation 54 Transitional measures on technical provisions
	Chapter 3 Procedure: decisions, appeals and notices (ss. 55-57)
	Regulation 55 Decisions: written notices
	Regulation 56 Appeals
	Regulation 57 Publication of written notices
	Chapter 4 Rule waivers (s. 58)
	Regulation 58 Modification or waiver of rules
	Part 5 Amendments (ss. 59-60)
	Amendments (ss. 59-60)
	Regulation 59
	Regulation 60
	Schedule 1 Amendments to primary legislation
	Schedule 1, Part 1 Amendments to FSMA (paras. 1-18)
	Schedule 1, Part 2 Amendments to other primary legislation (paras. 19-26)
	Schedule 2 Amendments to secondary legislation
	Schedule 3 Parent undertakings outside the EEA: equivalence
	Schedule 4 Procedure for an application for a subsidiary to be subject to national law implementing Articles 238 and 239 of the Solvency 2 Directive
	Schedule 5 Procedure for group applications
	Signature
	Explanatory Note
	Explanatory Memorandum
	Impact Assessment