The Insurance Companies (“The Long-term Business Fixed Capital”) Regulations 2023
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3 Specified description of assets
(1) The assets of an insurance company (“A”) described in paragraphs (2) to (6) are specified for the purposes of regulation 2(1)(a). (2) Shares, beneficial interests in a company limited by guarantee, debts or loans held by A in another company (“B”) where— (a) either— (i) B is a 51% subsidiary of A, or (ii) where B is a company limited by guarantee, A is beneficially entitled to more than 50 per cent of any assets of B available for distribution on a winding up, and (b) B is— (i) an insurance company, (ii) a non-UK resident company which would be an insurance company if section 65(2)(a) of the Finance Act 2012 included a reference to permission to carry on the activity of effecting or carrying out contracts of insurance under the law of a territory outside the United Kingdom which is similar to or corresponds to Part 4A of FISMA 2000, (iii) a company whose business consists wholly or mainly in providing services to companies which are members of the same group of companies as A, (iv) a company whose business consists wholly or mainly in holding shares or securities of companies in one of paragraphs (i) to (iii) which are its 51% subsidiaries, (v) a company whose business consists wholly or mainly in holding shares or securities of companies in paragraph (iv) which are its 51% subsidiaries, or (vi) a company which was within one of paragraphs (i) to (v) before becoming dormant (within the meaning given by section 1169 of the Companies Act 2006). (3) Any interest in a property which is occupied by A, or a company in the same group as A, for the purposes of its business. (4) Shares, debts or loans held by A in another company (“B”) where— (a) A carries on mutual life assurance business, (b) B is a 51% subsidiary of A, and (c) B is not an investment company or a matching adjustment company. (5) Shares held by A in another company (“B”) where— (a) B is a matching adjustment company, and (b) A’s principal purpose for holding the shares in B is to apply a matching adjustment under regulation 42 of the Solvency 2 Regulations 2015. (6) Goodwill. (7) For the purposes of this regulation, two companies are members of the same group of companies if— (a) one is the 51% subsidiary of the other, or (b) both are 51% subsidiaries of a third company. (8) In this regulation— “goodwill” has the same meaning as in section 715(3) of CTA 2009; “holding company” means a company whose business consists wholly or mainly in the holding of shares or securities of companies which are its 51% subsidiaries; “investment company” means a company— whose business consists wholly or mainly in the making of investments, and which derives the principal part of its income from the making of investments, but does not include a holding company of a trading group; “matching adjustment company” means a company which is party to an arrangement entered into for the purposes of an application by A to the Prudential Regulatory Authority (“the PRA”) for permission to apply a matching adjustment under regulation 42 of the Solvency 2 Regulations 2015, which the PRA must approve, or has approved, under that regulation; “trading group” means a group the business of whose members, when taken together, consists wholly or mainly in the carrying on of a trade or trades.
3 Specified description of assets
(1) The assets of an insurance company (“A”) described in paragraphs (2) to (6) are specified for the purposes of regulation 2(1)(a). (2) Shares, beneficial interests in a company limited by guarantee, debts or loans held by A in another company (“B”) where— (a) either— (i) B is a 51% subsidiary of A, or (ii) where B is a company limited by guarantee, A is beneficially entitled to more than 50 per cent of any assets of B available for distribution on a winding up, and (b) B is— (i) an insurance company, (ii) a non-UK resident company which would be an insurance company if section 65(2)(a) of the Finance Act 2012 included a reference to permission to carry on the activity of effecting or carrying out contracts of insurance under the law of a territory outside the United Kingdom which is similar to or corresponds to Part 4A of FISMA 2000, (iii) a company whose business consists wholly or mainly in providing services to companies which are members of the same group of companies as A, (iv) a company whose business consists wholly or mainly in holding shares or securities of companies in one of paragraphs (i) to (iii) which are its 51% subsidiaries, (v) a company whose business consists wholly or mainly in holding shares or securities of companies in paragraph (iv) which are its 51% subsidiaries, or (vi) a company which was within one of paragraphs (i) to (v) before becoming dormant (within the meaning given by section 1169 of the Companies Act 2006). (3) Any interest in a property which is occupied by A, or a company in the same group as A, for the purposes of its business. (4) Shares, debts or loans held by A in another company (“B”) where— (a) A carries on mutual life assurance business, (b) B is a 51% subsidiary of A, and (c) B is not an investment company or a matching adjustment company. (5) Shares held by A in another company (“B”) where— (a) B is a matching adjustment company, and (b) A’s principal purpose for holding the shares in B is to apply a matching adjustment under regulation 42 of the Solvency 2 Regulations 2015. (6) Goodwill. (7) For the purposes of this regulation, two companies are members of the same group of companies if— (a) one is the 51% subsidiary of the other, or (b) both are 51% subsidiaries of a third company. (8) In this regulation— “goodwill” has the same meaning as in section 715(3) of CTA 2009; “holding company” means a company whose business consists wholly or mainly in the holding of shares or securities of companies which are its 51% subsidiaries; “investment company” means a company— whose business consists wholly or mainly in the making of investments, and which derives the principal part of its income from the making of investments, but does not include a holding company of a trading group; “matching adjustment company” means a company which is party to an arrangement entered into for the purposes of an application by A to the Prudential Regulatory Authority (“the PRA”) for permission to apply a matching adjustment under regulation 42 of the Solvency 2 Regulations 2015, which the PRA must approve, or has approved, under that regulation; “trading group” means a group the business of whose members, when taken together, consists wholly or mainly in the carrying on of a trade or trades.
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