(1) The Solvency 2 Regulations 2015 [S.I. 2015/575.] (approvals) are modified as follows.

(2) Regulation 48 (models) has effect as if, in paragraph (4), for the words from "six months" to the end there were substituted "three years beginning with the day on which IP completion day occurs.".

(3)Part 4 has effect as if, after Chapter 2, there were inserted -

"Chapter 2A Deemed approval

54A.

(1) A person to whom regulation 8 or 11 of the EEA Passport Rights (Amendment etc., and Transitional Provisions) Regulations 2018 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 IP completion day, 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