The Insurance and Reinsurance Undertakings (Prudential Requirements) Regulations 2023
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Change 1
8 PRA’s functions and powers under FSMA 2000
(1) FSMA 2000 applies in relation to regulations 5 (calculation of the matching adjustment) , 6 (calculation of fundamental spread) and 7B (risk margin) with the modifications set out in paragraphs (2) to (8). (2) Section 39 (exemption of appointed representatives) applies as if in subsection (4)— (a) “or” at the end of paragraph (a) were omitted; (b) after paragraph (a) there were inserted— (aa) regulation 5, 6 or 7B of the Insurance and Reinsurance Undertakings (Prudential Requirements) Regulations 2023, or . (3) Section 66B (misconduct: action by the PRA) applies as if in subsection (4)— (a) “or” at the end of paragraph (a) were omitted; (b) after paragraph (a) there were inserted— (aa) imposed by regulation 5, 6 or 7B of the Insurance and Reinsurance Undertakings (Prudential Requirements) Regulations 2023, or . (4) Section 168 (appointment of persons to carry out investigations in particular cases) applies as if in subsection (4)— (a) “or” at the end of paragraph (jc) were omitted; (b) after paragraph (jc) there were inserted— (jd) an authorised person may have contravened regulation 5, 6 or 7B of the Insurance and Reinsurance Undertakings (Prudential Requirements) Regulations 2023; or . (5) Section 204A (meaning of “relevant requirement” and “appropriate regulator”) applies as if— (a) in subsection (2)— (i) “or” at the end of paragraph (c) were omitted; (ii) “or” were inserted at the end of paragraph (d); (iii) after paragraph (d) there were inserted— (e) by regulation 5, 6 or 7B of the Insurance and Reinsurance Undertakings (Prudential Requirements) Regulations 2023. ; (b) in subsection (3), after paragraph (f) there were inserted— (g) a requirement under regulation 5, 6 or 7B of the Insurance and Reinsurance Undertakings (Prudential Requirements) Regulations 2023. . (6) Section 380 (injunctions) applies as if— (a) in subsection (6), in paragraph (a)— (i) “or” at the end of sub-paragraph (v) were omitted; (ii) “or” were inserted at the end of sub-paragraph (vi); (iii) after sub-paragraph (vi) there were inserted— (vii) which is imposed by regulation 5, 6 or 7B of the Insurance and Reinsurance Undertakings (Prudential Requirements) Regulations 2023, ; (b) in subsection (8)— (i) “or” at the end of paragraph (b) were omitted; (ii) “or” were inserted at the end of paragraph (c); (iii) after paragraph (c) there were inserted— (d) a requirement under regulation 5, 6 or 7B of the Insurance and Reinsurance Undertakings (Prudential Requirements)) Regulations 2023. . (7) Section 382 (restitution orders) applies as if— (a) in subsection (9), in paragraph (a)— (i) “or” at the end of sub-paragraph (iii) were omitted; (ii) “or” were inserted at the end of sub-paragraph (iv); (iii) after sub-paragraph (iv) there were inserted— (v) which is imposed by regulation 5, 6 or 7B of the Insurance and Reinsurance Undertakings (Prudential Requirements) Regulations 2023; ; (b) in subsection (11)— (i) “or” at the end of paragraph (b) were omitted; (ii) “or” were inserted at the end of paragraph (c); (iii) after paragraph (c) there were inserted— (d) a requirement which is imposed by regulation 5, 6 or 7B of the Insurance and Reinsurance Undertakings (Prudential Requirements) Regulations 2023. . (8) Section 384 (power of FCA or PRA to require restitution) applies as if— (a) in subsection (7)— (i) “or” at the end of paragraph (c) were omitted; (ii) “or” were inserted at the end of paragraph (d); (iii) after paragraph (d) insert there were inserted— (e) a requirement which is imposed by regulation 5, 6 or 7B of the Insurance and Reinsurance Undertakings (Prudential Requirements) Regulations 2023. ; (b) in subsection (9)— (i) “or” at the end of paragraph (b) were omitted; (ii) “or” were inserted at the end of paragraph (c); (iii) after paragraph (c) there were inserted— (d) a requirement which is imposed by regulation 5, 6 or 7B of the Insurance and Reinsurance Undertakings (Prudential Requirements) Regulations 2023. .
8 PRA’s functions and powers under FSMA 2000
(1) FSMA 2000 applies in relation to regulations 5 (calculation of the matching adjustment) , 6 (calculation of fundamental spread) and 7B (risk margin) with the modifications set out in paragraphs (2) to (8). (2) Section 39 (exemption of appointed representatives) applies as if in subsection (4)— (a) “or” at the end of paragraph (a) were omitted; (b) after paragraph (a) there were inserted— (aa) regulation 5, 6 or 7B of the Insurance and Reinsurance Undertakings (Prudential Requirements) Regulations 2023, or . (3) Section 66B (misconduct: action by the PRA) applies as if in subsection (4)— (a) “or” at the end of paragraph (a) were omitted; (b) after paragraph (a) there were inserted— (aa) imposed by regulation 5, 6 or 7B of the Insurance and Reinsurance Undertakings (Prudential Requirements) Regulations 2023, or . (4) Section 168 (appointment of persons to carry out investigations in particular cases) applies as if in subsection (4)— (a) “or” at the end of paragraph (jc) were omitted; (b) after paragraph (jc) there were inserted— (jd) an authorised person may have contravened regulation 5, 6 or 7B of the Insurance and Reinsurance Undertakings (Prudential Requirements) Regulations 2023; or . (5) Section 204A (meaning of “relevant requirement” and “appropriate regulator”) applies as if— (a) in subsection (2)— (i) “or” at the end of paragraph (c) were omitted; (ii) “or” were inserted at the end of paragraph (d); (iii) after paragraph (d) there were inserted— (e) by regulation 5, 6 or 7B of the Insurance and Reinsurance Undertakings (Prudential Requirements) Regulations 2023. ; (b) in subsection (3), after paragraph (f) there were inserted— (g) a requirement under regulation 5, 6 or 7B of the Insurance and Reinsurance Undertakings (Prudential Requirements) Regulations 2023. . (6) Section 380 (injunctions) applies as if— (a) in subsection (6), in paragraph (a)— (i) “or” at the end of sub-paragraph (v) were omitted; (ii) “or” were inserted at the end of sub-paragraph (vi); (iii) after sub-paragraph (vi) there were inserted— (vii) which is imposed by regulation 5, 6 or 7B of the Insurance and Reinsurance Undertakings (Prudential Requirements) Regulations 2023, ; (b) in subsection (8)— (i) “or” at the end of paragraph (b) were omitted; (ii) “or” were inserted at the end of paragraph (c); (iii) after paragraph (c) there were inserted— (d) a requirement under regulation 5, 6 or 7B of the Insurance and Reinsurance Undertakings (Prudential Requirements)) Regulations 2023. . (7) Section 382 (restitution orders) applies as if— (a) in subsection (9), in paragraph (a)— (i) “or” at the end of sub-paragraph (iii) were omitted; (ii) “or” were inserted at the end of sub-paragraph (iv); (iii) after sub-paragraph (iv) there were inserted— (v) which is imposed by regulation 5, 6 or 7B of the Insurance and Reinsurance Undertakings (Prudential Requirements) Regulations 2023; ; (b) in subsection (11)— (i) “or” at the end of paragraph (b) were omitted; (ii) “or” were inserted at the end of paragraph (c); (iii) after paragraph (c) there were inserted— (d) a requirement which is imposed by regulation 5, 6 or 7B of the Insurance and Reinsurance Undertakings (Prudential Requirements) Regulations 2023. . (8) Section 384 (power of FCA or PRA to require restitution) applies as if— (a) in subsection (7)— (i) “or” at the end of paragraph (c) were omitted; (ii) “or” were inserted at the end of paragraph (d); (iii) after paragraph (d) insert there were inserted— (e) a requirement which is imposed by regulation 5, 6 or 7B of the Insurance and Reinsurance Undertakings (Prudential Requirements) Regulations 2023. ; (b) in subsection (9)— (i) “or” at the end of paragraph (b) were omitted; (ii) “or” were inserted at the end of paragraph (c); (iii) after paragraph (c) there were inserted— (d) a requirement which is imposed by regulation 5, 6 or 7B of the Insurance and Reinsurance Undertakings (Prudential Requirements) Regulations 2023. .
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