UK Statutory Instrument
2015
United Kingdom
Solvency 2 Regulations 2015
At a glance
Enforced by
What this Act requires
Sections that create concrete duties on businesses or carry penalties. Procedural and definitional sections are folded into the “Browse other sections” expander at the bottom of each group. Click any section title to read the source text on legislation.gov.uk.
Schedules
Browse 73 other Schedules — structural / supplementary
In section 194 (general grounds on which power of intervention...
(1) Section 198 (power to apply to court for injunction...
In section 316 (direction by a regulator), in subsection (4)(b)(i),...
In section 367(3) (winding up petitions), before paragraph (a), insert—...
In section 405(5) (directions), omit paragraphs (c) and (d).
In section 417 (definitions), in subsection (1), insert at the...
In section 425(1)(a) (expressions relating to authorisation elsewhere in the...
(1) Schedule 3 (EEA passport rights) is amended as follows....
(1) Schedule 12 (transfer schemes: certificates) is amended as follows....
Friendly Societies Act 1992
(1) Section 55J (variation or cancellation on initiative of regulator)...
Finance Act 1997
Terrorism Act 2000
Capital Allowances Act 2001
Proceeds of Crime Act 2002
Finance Act 2003
Companies Act 2006
Corporation Tax Act 2009
After section 55K (investment firms: particular conditions that enable cancellation),...
After section 55P (prohibitions and restrictions), insert— Assets requirements imposed...
In section 105 (insurance business transfer schemes), in subsection (3),...
(1) Section 116 (effect of insurance business transfers authorised in...
In section 165(7) (regulators' power to require information: authorised persons...
(1) Section 167 (appointment of persons to carry out general...
In section 190(4) (requests for further information), for paragraph (b)...
Insolvency (Scotland) Rules 1986
Competition Act 1998 (Determination of Turnover for Penalties) Order 2000
Financial Services and Markets Act 2000 (Regulated Activities) Order 2001
The Financial Services and Markets Act 2000 (Disclosure of Confidential Information) Regulations 2001
Financial Services and Markets Act 2000 (EEA Passport Rights) Regulations 2001
Financial Services and Markets Act 2000 (Law Applicable to Contracts of Insurance) Regulations 2001
The Financial Services and Markets Act 2000 (Control of Business Transfers) (Requirements on Applicants) Regulations 2001 (Article 39)
Enterprise Act 2002 (Merger Fees and Determination of Turnover) Order 2003
Insurers (Reorganisation and Winding Up) Regulations 2004
Child Trust Funds Regulations 2004
Financial Conglomerates and Other Financial Groups Regulations 2004
Companies (1986 Order) (Insurance Companies Accounts) Regulations (Northern Ireland) 1994
Pension Protection Fund (Entry Rules) Regulations (Northern Ireland) 2005
Occupational Pension Schemes (Investment) Regulations (Northern Ireland) 2005
Pension Protection Fund (Entry Rules) Regulations 2005
Insurers (Reorganisation and Winding Up) (Lloyd's) Regulations 2005
Occupational Pension Schemes (Investment) Regulations 2005
Money Laundering Regulations 2007
Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008
Insurance Accounts Directive (Miscellaneous Insurance Undertakings) Regulations 2008
Payment Services Regulations 2009
Mutual Societies (Transfers) Order 2009
Mineworkers' Pension Scheme (Modification) Regulations 1994
Financial Services and Markets Act 2000 (Controllers) (Exemption) Order 2009
Financial Services and Markets Act 2000 (Law Applicable to Contracts of Insurance) Regulations 2009
Occupational and Personal Pension Schemes (Automatic Enrolment) Regulations (Northern Ireland) 2010
Occupational and Personal Pension Schemes (Automatic Enrolment) Regulations 2010
Electronic Money Regulations 2011
Bank of England Act 1998 (Macro-prudential Measures) Order 2013
Enterprise Act 2002 (Mergers) (Interim Measures: Financial Penalties) (Determination of Control and Turnover) Order 2014
Industry-Wide Mineworkers' Pension Scheme Regulations 1994
Insurance Companies (Overseas Life Assurance Business) (Compliance) Regulations 1995
Occupational Pension Schemes (Scheme Administration) Regulations 1996
Occupational Pension Schemes (Scheme Administration) Regulations (Northern Ireland) 1997
Individual Savings Account Regulations 1998
Competition Act 1998 (Small Agreements and Conduct of Minor Significance) Regulations 2000
This Schedule specifies the procedure for verifying whether the insurance...
The PRA must follow the procedure set out in Flowchart...
Flowchart 1 also imposes duties and confers powers on the...
Where reference is made to this paragraph in Flowchart 1,...
In this schedule, “acting group supervisor” means the supervisory authority...
When the PRA receives an application referred to in the...
Flowchart 2 also imposes duties and confers powers on the...
In Flowchart 2— (a) “college” means the college of supervisory...
When the PRA receives a group application, the PRA must...
Flowchart 3 also imposes duties and confers powers on the...
In Flowchart 3— (a) “college” means the college of supervisory...
Browse 68 other sections — procedural / definitional / commencement
Citation and commencement
Interpretation
Exercise of PRA and FCA functions
Review of capital add-ons
Non-compliance with solvency capital requirement and exceptional adverse situations
Duty to publish technical information
Powers in relation to Gibraltar undertakings
Procedure on the exercise of powers under regulation 4C
Passporting: notification of home state regulator
EIOPA: information
EIOPA and EBA: notifications
Other EEA States: information
Non-compliance with the minimum capital requirement: provision of information to other supervisory authorities
This Part applies to the following types of groups—
Where the participating insurance or reinsurance undertaking, or participating Gibraltarian...
Risk concentration and intra-group transactions
Equivalent provisions
Exclusion of undertaking from group supervision
Supervision of parents and subgroups at national level: substantive powers
Supervision of parents and subgroups at national level: procedure
Supervision of group solvency and frequency of calculation
Choice of method
Inclusion of proportional share
Related undertakings: calculation of group solvency
Participating undertakings: calculation of group solvency
Gibraltar undertakings: calculation of group solvency
Internal models and capital add-ons
Subsidiaries: solvency capital requirement
Subsidiaries: non-compliance with the solvency and minimum capital requirements
Subsidiaries: revocation of approval for applying Articles 238 and 239 of the Solvency 2 Directive
Supervision of risk concentration and intra-group transactions
Supervision of system of governance
Rule for deciding the group supervisor
Exceptions to the rule for deciding the group supervisor
Duties of group supervisor ...
Cooperation and exchange of information between supervisory authorities
Consultation between supervisory authorities
Access to information
Verification of information
Group solvency and financial condition report
Enforcement measures
Non-EEA solvency 2 parent undertakings: equivalence
Parent undertaking outside the United Kingdom: absence of equivalence
Parent undertakings outside the United Kingdom: levels
Intra-group transactions
Meaning of “approval”, “group application” and “protected item”
Applications: eligibility, process, information and documents
Additional process: applications from groups and applications to more than one supervisory authority
Verification that the Solvency 2 Directive does not apply
Matching adjustment
Volatility adjustment
Supervisory approval of ancillary own-funds
Eligible own funds for an intermediate insurance holding company
Classification of funds
Basic Solvency Capital Requirement
Models
Group applications
Third-country insurance undertakings: approval of supervision in more than one EEA State
Withdrawal of authorisation for third-country insurance undertakings authorised in more than one EEA State
Subsidiaries: application of Articles 238 and 239 of the Solvency 2 Directive
Transitional measures on risk-free interest rates
Transitional measures on technical provisions
Decisions: written notices
Appeals
Publication of written notices
Modification or waiver of rules
Amendments
Schedule 2, which contains amendments to secondary legislation, has effect....
Enforcement and responsible bodies
The regulators that administer or enforce this legislation.
Prudential Regulation Authority
Part of the Bank of England. Prudentially regulates and supervises around 1,292 banks, building societies, credit unions, insurers, and major investment firms. …
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