The Insurance and Reinsurance Undertakings (Overseas Insurance Regime, Transitional Provisions, etc.) Regulations 2024
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Change 1
SCHEDULE Approvals under the Solvency 2 Regulations 2015
Regulation 5(2) SCHEDULE Approvals under the Solvency 2 Regulations 2015 Regulation 7(1) Approval under the Solvency 2 Regulations 2015 | PRA rule | Relevant text of rule | Relevant text of rule as modified Regulation 43: Volatility adjustment | Technical Provisions rule 8.1 | A firm may only apply a volatility adjustment to the relevant risk-free interest rate term structure to calculate the best estimate of its insurance or reinsurance obligations: (1) if it has been granted a volatility adjustment permission; (2) the volatility adjustment has been published by the PRA under regulation 3 of the IRPR regulations; and (3) to the extent of its volatility adjustment permission. | An insurance or reinsurance undertaking may only apply a volatility adjustment to the relevant risk-free interest rate term structure to calculate the best estimate of its insurance or reinsurance obligations: (1) if the volatility adjustment has been published by the PRA under regulation 3 of the IRPR regulations; and (2) in accordance with, and only to the extent of, its volatility adjustment permission. Technical Provisions rule 8.5 | A firm with a volatility adjustment permission must not apply the volatility adjustment with respect to insurance or reinsurance obligations where the relevant risk-free interest rate term structure used to calculate the best estimate for those obligations includes a matching adjustment. | An insurance or reinsurance undertaking: (1) may only apply the volatility adjustment to the relevant risk-free interest rate term structure used to calculate the best estimate of its insurance or reinsurance obligations in accordance with, and only to the extent of, its volatility adjustment permission; and (2) must not apply the volatility adjustment with respect to insurance or reinsurance obligations where the relevant risk-free interest rate term structure used to calculate the best estimate for those obligations includes a matching adjustment. Regulation 44: Supervisory approval of ancillary own-funds | Own Funds rule 2.5 | 2.5 When determining its own funds, a firm must not take into account any item of ancillary own funds unless, subject to 2.6, it has received an ancillary own funds permission in respect of that item specifying either: (1) a monetary amount for the relevant item of ancillary own funds; or (2) the method by which to determine the amount of the relevant item of ancillary own funds, together with the amount determined in accordance with that method for a specified time period. | 2.5 When determining its own funds, an insurance or reinsurance undertaking may only take into account an item of ancillary own funds in accordance with, and only to the extent of, its ancillary own funds permission in respect of that item. Own Funds rule 2.6 | 2.6 Where, in respect of an ancillary own funds item, a firm has received an ancillary own funds permission: (1) that specifies a monetary amount, in accordance with 2.5(1), the firm may only include that item in its own funds up to the monetary amount set out in the ancillary own funds permission; or (2) that specifies a method by which to determine a monetary amount in accordance with 2.5(2), the firm may only include that item in its own funds up to the monetary amount that has been determined by the method set out in, and only for the time period specified by, the ancillary own funds permission. | 2.6 Where, in respect of an ancillary own funds item, an insurance or reinsurance undertaking has received an ancillary own funds permission: (1) that specifies a monetary amount, the insurance or reinsurance undertaking may only include that item in its own funds up to the monetary amount set out in the ancillary own funds permission; or (2) that specifies a method by which to determine a monetary amount, the insurance or reinsurance undertaking may only include that item in its own funds up to the monetary amount that has been determined by the method set out in, and only for the time period specified by, the ancillary own funds permission. Regulation 45: Eligible own funds for an intermediate insurance holding company | Group Supervision rule 10.3 | (4) Any eligible own funds of an intermediate holding company, which would require permission from a supervisory authority by an ancillary own funds permission or in accordance with Solvency II EEA implementing measures implementing Article 90 of the Solvency II Directive, must not be included in the calculation of the group solvency of the group unless a firm has permission from the supervisory authority to do so pursuant to section 138BA of FSMA or Solvency II EEA implementing measures implementing Article 90 of the Solvency II Directive, and only to the extent of its permission. | (4) Any eligible own funds of an intermediate holding company, which would require an ancillary own funds permission, may only be included in the calculation of the group solvency of the group by an insurance or reinsurance undertaking in accordance with, and to the extent of, its permission pursuant to section 138BA of FSMA. Regulation 46: Classification of funds | Own Funds rule 3.4 | (2) A firm must not include an own funds item in its Tier 1 own funds, Tier 2 own funds or Tier 3 own funds if that own funds item is not covered by the own funds lists, unless it has received a classification of own funds permission in respect of that item. | (2) An insurance or reinsurance undertaking may only include an own funds item not covered by the own funds lists in its Tier 1 own funds, Tier 2 own funds or Tier 3 own funds in accordance with, and only to the extent of its classification of own funds permission. Regulation 47: Basic Solvency Capital Requirement for undertaking specific parameter approvals | Solvency Capital Requirement – Undertaking Specific Parameters rule 1.1 | Unless otherwise stated, this Part applies to: (1) a UK Solvency II firm; and (2) in accordance with Insurance General Application 3, the Society. | Unless otherwise stated, this Part applies to an insurance or reinsurance undertaking in accordance with the undertaking’s undertaking specific parameter permission. Solvency Capital Requirement – Undertaking Specific Parameters rule 2.1 | A firm must not apply an undertaking specific parameter unless it is a USP firm. | An insurance or reinsurance undertaking may only apply an undertaking specific parameter in accordance with, and only to the extent of, its undertaking specific parameter permission. Solvency Capital Requirement – Standard Formula rule 2.1 | For a firm calculating its SCR on the basis of the standard formula, its SCR is the sum of the following items: (1) the basic SCR; | For an insurance or reinsurance undertaking calculating its SCR on the basis of the standard formula, its SCR is the sum of the following items: (1) the basic SCR, adjusted to take account of any undertaking specific parameters; Regulation 47: Basic Solvency Capital Requirement for group specific parameter approvals | Groups Supervision Chapter 11A | 11A.1 A firm must not apply a group specific parameter unless it is a GSP firm. 11A.6 (4) a reference to ‘USP Permission’ is to be interpreted as a reference to ‘GSP Permission’. | 11A.1 An insurance or reinsurance undertaking may only apply a group specific parameter in accordance with, and only to the extent of, its GSP Permission. 11A.6 (4) a reference to ‘USP Permission’ is to be interpreted as a reference to ‘GSP Permission’. 11A.7 The basic SCR of the consolidated group SCR must be adjusted to take account of any group specific parameters. Regulation 48: Models | Solvency Capital Requirement - Internal Models rule 1.1 | Unless otherwise stated, this Part applies to: 1. a UK Solvency II firm; and 2. in accordance with Insurance General Application 3, the Society. | Unless otherwise stated, this Part applies to an insurance or reinsurance undertaking in accordance with the undertaking’s internal model permission. Regulation 49: Group applications | Solvency Capital Requirement - Internal Models rule 1.1 | Unless otherwise stated, this Part applies to: 1. a UK Solvency II firm; and 2. in accordance with Insurance General Application 3, the Society. | Unless otherwise stated, this Part applies to an insurance or reinsurance undertaking in accordance with the undertaking’s internal model permission. Regulation 53: Transitional measures on risk-free interest rates | Transitional Measure rule 10.1 | A firm may only apply the risk-free interest rate transitional measure: (1) in respect of admissible insurance and reinsurance obligations; and (2) if it has received permission to do so from the PRA pursuant to section 138BA of FSMA. | An insurance or reinsurance undertaking may only apply the risk-free interest rate transitional measure to its admissible insurance or reinsurance obligations in accordance with, and only to the extent of, its s138BA permission to do so. Regulation 54: Transitional measures on technical provisions | Transitional Measure on Technical Provisions Rule 1.1 | This Part applies to: (1) a UK Solvency II firm; (2) the Society, in accordance with Insurance General Application 3; and (3) managing agents, in accordance with Insurance General Application 3. | This Part applies to an insurance or reinsurance undertaking in accordance with the undertaking’s TMTP permission.
SCHEDULE Approvals under the Solvency 2 Regulations 2015
Regulation 5(2) SCHEDULE Approvals under the Solvency 2 Regulations 2015 Regulation 7(1) Approval under the Solvency 2 Regulations 2015 | PRA rule | Relevant text of rule | Relevant text of rule as modified Regulation 43: Volatility adjustment | Technical Provisions rule 8.1 | A firm may only apply a volatility adjustment to the relevant risk-free interest rate term structure to calculate the best estimate of its insurance or reinsurance obligations: (1) if it has been granted a volatility adjustment permission; (2) the volatility adjustment has been published by the PRA under regulation 3 of the IRPR regulations; and (3) to the extent of its volatility adjustment permission. | An insurance or reinsurance undertaking may only apply a volatility adjustment to the relevant risk-free interest rate term structure to calculate the best estimate of its insurance or reinsurance obligations: (1) if the volatility adjustment has been published by the PRA under regulation 3 of the IRPR regulations; and (2) in accordance with, and only to the extent of, its volatility adjustment permission. Technical Provisions rule 8.5 | A firm with a volatility adjustment permission must not apply the volatility adjustment with respect to insurance or reinsurance obligations where the relevant risk-free interest rate term structure used to calculate the best estimate for those obligations includes a matching adjustment. | An insurance or reinsurance undertaking: (1) may only apply the volatility adjustment to the relevant risk-free interest rate term structure used to calculate the best estimate of its insurance or reinsurance obligations in accordance with, and only to the extent of, its volatility adjustment permission; and (2) must not apply the volatility adjustment with respect to insurance or reinsurance obligations where the relevant risk-free interest rate term structure used to calculate the best estimate for those obligations includes a matching adjustment. Regulation 44: Supervisory approval of ancillary own-funds | Own Funds rule 2.5 | 2.5 When determining its own funds, a firm must not take into account any item of ancillary own funds unless, subject to 2.6, it has received an ancillary own funds permission in respect of that item specifying either: (1) a monetary amount for the relevant item of ancillary own funds; or (2) the method by which to determine the amount of the relevant item of ancillary own funds, together with the amount determined in accordance with that method for a specified time period. | 2.5 When determining its own funds, an insurance or reinsurance undertaking may only take into account an item of ancillary own funds in accordance with, and only to the extent of, its ancillary own funds permission in respect of that item. Own Funds rule 2.6 | 2.6 Where, in respect of an ancillary own funds item, a firm has received an ancillary own funds permission: (1) that specifies a monetary amount, in accordance with 2.5(1), the firm may only include that item in its own funds up to the monetary amount set out in the ancillary own funds permission; or (2) that specifies a method by which to determine a monetary amount in accordance with 2.5(2), the firm may only include that item in its own funds up to the monetary amount that has been determined by the method set out in, and only for the time period specified by, the ancillary own funds permission. | 2.6 Where, in respect of an ancillary own funds item, an insurance or reinsurance undertaking has received an ancillary own funds permission: (1) that specifies a monetary amount, the insurance or reinsurance undertaking may only include that item in its own funds up to the monetary amount set out in the ancillary own funds permission; or (2) that specifies a method by which to determine a monetary amount, the insurance or reinsurance undertaking may only include that item in its own funds up to the monetary amount that has been determined by the method set out in, and only for the time period specified by, the ancillary own funds permission. Regulation 45: Eligible own funds for an intermediate insurance holding company | Group Supervision rule 10.3 | (4) Any eligible own funds of an intermediate holding company, which would require permission from a supervisory authority by an ancillary own funds permission or in accordance with Solvency II EEA implementing measures implementing Article 90 of the Solvency II Directive, must not be included in the calculation of the group solvency of the group unless a firm has permission from the supervisory authority to do so pursuant to section 138BA of FSMA or Solvency II EEA implementing measures implementing Article 90 of the Solvency II Directive, and only to the extent of its permission. | (4) Any eligible own funds of an intermediate holding company, which would require an ancillary own funds permission, may only be included in the calculation of the group solvency of the group by an insurance or reinsurance undertaking in accordance with, and to the extent of, its permission pursuant to section 138BA of FSMA. Regulation 46: Classification of funds | Own Funds rule 3.4 | (2) A firm must not include an own funds item in its Tier 1 own funds, Tier 2 own funds or Tier 3 own funds if that own funds item is not covered by the own funds lists, unless it has received a classification of own funds permission in respect of that item. | (2) An insurance or reinsurance undertaking may only include an own funds item not covered by the own funds lists in its Tier 1 own funds, Tier 2 own funds or Tier 3 own funds in accordance with, and only to the extent of its classification of own funds permission. Regulation 47: Basic Solvency Capital Requirement for undertaking specific parameter approvals | Solvency Capital Requirement – Undertaking Specific Parameters rule 1.1 | Unless otherwise stated, this Part applies to: (1) a UK Solvency II firm; and (2) in accordance with Insurance General Application 3, the Society. | Unless otherwise stated, this Part applies to an insurance or reinsurance undertaking in accordance with the undertaking’s undertaking specific parameter permission. Solvency Capital Requirement – Undertaking Specific Parameters rule 2.1 | A firm must not apply an undertaking specific parameter unless it is a USP firm. | An insurance or reinsurance undertaking may only apply an undertaking specific parameter in accordance with, and only to the extent of, its undertaking specific parameter permission. Solvency Capital Requirement – Standard Formula rule 2.1 | For a firm calculating its SCR on the basis of the standard formula, its SCR is the sum of the following items: (1) the basic SCR; | For an insurance or reinsurance undertaking calculating its SCR on the basis of the standard formula, its SCR is the sum of the following items: (1) the basic SCR, adjusted to take account of any undertaking specific parameters; Regulation 47: Basic Solvency Capital Requirement for group specific parameter approvals | Groups Supervision Chapter 11A | 11A.1 A firm must not apply a group specific parameter unless it is a GSP firm. 11A.6 (4) a reference to ‘USP Permission’ is to be interpreted as a reference to ‘GSP Permission’. | 11A.1 An insurance or reinsurance undertaking may only apply a group specific parameter in accordance with, and only to the extent of, its GSP Permission. 11A.6 (4) a reference to ‘USP Permission’ is to be interpreted as a reference to ‘GSP Permission’. 11A.7 The basic SCR of the consolidated group SCR must be adjusted to take account of any group specific parameters. Regulation 48: Models | Solvency Capital Requirement - Internal Models rule 1.1 | Unless otherwise stated, this Part applies to: 1. a UK Solvency II firm; and 2. in accordance with Insurance General Application 3, the Society. | Unless otherwise stated, this Part applies to an insurance or reinsurance undertaking in accordance with the undertaking’s internal model permission. Regulation 49: Group applications | Solvency Capital Requirement - Internal Models rule 1.1 | Unless otherwise stated, this Part applies to: 1. a UK Solvency II firm; and 2. in accordance with Insurance General Application 3, the Society. | Unless otherwise stated, this Part applies to an insurance or reinsurance undertaking in accordance with the undertaking’s internal model permission. Regulation 53: Transitional measures on risk-free interest rates | Transitional Measure rule 10.1 | A firm may only apply the risk-free interest rate transitional measure: (1) in respect of admissible insurance and reinsurance obligations; and (2) if it has received permission to do so from the PRA pursuant to section 138BA of FSMA. | An insurance or reinsurance undertaking may only apply the risk-free interest rate transitional measure to its admissible insurance or reinsurance obligations in accordance with, and only to the extent of, its s138BA permission to do so. Regulation 54: Transitional measures on technical provisions | Transitional Measure on Technical Provisions Rule 1.1 | This Part applies to: (1) a UK Solvency II firm; (2) the Society, in accordance with Insurance General Application 3; and (3) managing agents, in accordance with Insurance General Application 3. | This Part applies to an insurance or reinsurance undertaking in accordance with the undertaking’s TMTP permission.
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