The Insurance and Reinsurance Undertakings (Prudential Requirements) Regulations 2023
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Change 1
14 Effect of designation: insurance group supervision
(1) This regulation has effect where regulations are in force under regulation 11 in respect of an overseas jurisdiction (“the relevant overseas jurisdiction”) in relation to this regulation. (2) Where this regulation has effect and paragraph (3) applies, the PRA must rely on the prudential supervision of an insurance group by the supervisory authority in the relevant overseas jurisdiction for the purposes of prudential supervision of the insurance group. (3) This paragraph applies where— (a) an insurance group has an ultimate parent with its head office in the relevant overseas jurisdiction, (b) the sum of the balance sheet totals of all insurance undertakings and reinsurance undertakings in the insurance group is not greater than the balance sheet total of the parent undertaking less that sum, (c) in the view of the PRA, the insurance group is subject to prudential supervision by the supervisory authority in the relevant overseas jurisdiction in accordance with the law of that jurisdiction relating to the prudential supervision of insurance groups, and (d) in the view of the PRA, the PRA has entered into arrangements with that supervisory authority such that the PRA is able to comply with any restrictions on the handling and sharing of confidential information under FSMA 2000.
14 Effect of designation: insurance group supervision
(1) This regulation has effect where regulations are in force under regulation 11 in respect of an overseas jurisdiction (“the relevant overseas jurisdiction”) in relation to this regulation. (2) Where this regulation has effect and paragraph (3) applies, the PRA must rely on the prudential supervision of an insurance group by the supervisory authority in the relevant overseas jurisdiction for the purposes of prudential supervision of the insurance group. (3) This paragraph applies where— (a) an insurance group has an ultimate parent with its head office in the relevant overseas jurisdiction, (b) the sum of the balance sheet totals of all insurance undertakings and reinsurance undertakings in the insurance group is not greater than the balance sheet total of the parent undertaking less that sum, (c) in the view of the PRA, the insurance group is subject to prudential supervision by the supervisory authority in the relevant overseas jurisdiction in accordance with the law of that jurisdiction relating to the prudential supervision of insurance groups, and (d) in the view of the PRA, the PRA has entered into arrangements with that supervisory authority such that the PRA is able to comply with any restrictions on the handling and sharing of confidential information under FSMA 2000.
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