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Solvency 2 Regulations 2015 [SI 2015 No. 575]Introductory TextPart 1 Citation, commencement and interpretation (ss. 1-2)Regulation 1 Citation and commencementRegulation 2 InterpretationPart 2 Supervision (ss. 3-9B)Regulation 3 Exercise of PRA and FCA functionsRegulation 4 Review of capital add-onsRegulation 4A Non-compliance with solvency capital requirement and exceptional adverse situationsRegulation 4B Duty to publish technical informationRegulation 4C Powers in relation to Gibraltar undertakingsRegulation 4D Procedure on the exercise of powers under regulation 4CRegulation 5 Passporting: notification of home state regulatorRegulation 6 EIOPA: informationRegulation 7 EIOPA and EBA: notificationsRegulation 8 Other EEA States: informationRegulation 9 Non-compliance with the minimum capital requirement: provision of information to other supervisory authoritiesRegulation 9ARegulation 9BPart 3 Groups (ss. 10-37)Chapter 1 Cases of application and scope (ss. 10-12)Regulation 10 Risk concentration and intra-group transactionsRegulation 11 Equivalent provisionsRegulation 12 Exclusion of undertaking from group supervisionChapter 2 Levels (ss. 13-14)Regulation 13 Supervision of parents and subgroups at national level: substantive powersRegulation 14 Supervision of parents and subgroups at national level: procedureChapter 3 Group Solvency (ss. 15-23)Regulation 15 Supervision of group solvency and frequency of calculationRegulation 16 Choice of methodRegulation 17 Inclusion of proportional shareRegulation 18 Related undertakings: calculation of group solvencyRegulation 19 Participating undertakings: calculation of group solvencyRegulation 19A Gibraltar undertakings: calculation of group solvencyRegulation 20 Internal models and capital add-onsRegulation 21 Subsidiaries: solvency capital requirementRegulation 22 Subsidiaries: non-compliance with the solvency and minimum capital requirementsRegulation 23 Subsidiaries: revocation of approval for applying Articles 238 and 239 of the Solvency 2 DirectiveChapter 4 Risk concentration and intra-group transactions (s. 24)Regulation 24 Supervision of risk concentration and intra-group transactionsChapter 5 Risk management and internal control (s. 25)Regulation 25 Supervision of system of governanceChapter 6 Measures to facilitate group supervision (ss. 26-34)Regulation 26 Rule for deciding the group supervisorRegulation 27 Exceptions to the rule for deciding the group supervisorRegulation 28 Duties of group supervisorRegulation 29 Cooperation and exchange of information between supervisory authoritiesRegulation 30 Consultation between supervisory authoritiesRegulation 31 Access to informationRegulation 32 Verification of informationRegulation 33 Group solvency and financial condition reportRegulation 34 Enforcement measuresChapter 7 Third countries (ss. 35-36A)Regulation 35 Non-EEA solvency 2 parent undertakings: equivalenceRegulation 36 Parent undertaking outside the United Kingdom: absence of equivalenceRegulation 36A Parent undertakings outside the United Kingdom: levelsChapter 8 Mixed-activity insurance holding companies (s. 37)Regulation 37 Intra-group transactionsPart 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 documentsRegulation 40 Additional process: applications from groups and applications to more than one supervisory authorityChapter 2 Specific Approvals (ss. 41-54)Regulation 41 Verification that the Solvency 2 Directive does not applyRegulation 42 Matching adjustmentRegulation 43 Volatility adjustmentRegulation 44 Supervisory approval of ancillary own-fundsRegulation 45 Eligible own funds for an intermediate insurance holding companyRegulation 46 Classification of fundsRegulation 47 Basic Solvency Capital RequirementRegulation 48 ModelsRegulation 49 Group applicationsRegulation 50 Third-country insurance undertakings: approval of supervision in more than one EEA StateRegulation 51 Withdrawal of authorisation for third-country insurance undertakings authorised in more than one EEA StateRegulation 52 Subsidiaries: application of Articles 238 and 239 of the Solvency 2 DirectiveRegulation 53 Transitional measures on risk-free interest ratesRegulation 54 Transitional measures on technical provisionsChapter 3 Procedure: decisions, appeals and notices (ss. 55-57)Regulation 55 Decisions: written noticesRegulation 56 AppealsRegulation 57 Publication of written noticesChapter 4 Rule waivers (s. 58)Regulation 58 Modification or waiver of rulesPart 5 Amendments (ss. 59-60)Amendments (ss. 59-60)Regulation 59Regulation 60Schedule 1 Amendments to primary legislationSchedule 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 legislationSchedule 3 Parent undertakings outside the EEA: equivalenceSchedule 4 Procedure for an application for a subsidiary to be subject to national law implementing Articles 238 and 239 of the Solvency 2 DirectiveSchedule 5 Procedure for group applicationsSignatureExplanatory NoteExplanatory MemorandumImpact Assessment
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Version status: Revoked | Document consolidation status: Updated to reflect all known changes
Version date: 31 December 2024 - onwards
Version 4 of 4

Regulation 3 Exercise of PRA and FCA functions

Revoked from 31 December 2024

[deleted]

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