
2015 No. 575
Financial Services And Markets
The Solvency 2 Regulations 2015 (revoked)
Made 6th March 2015
Laid before Parliament 9th March 2015
Coming into force in accordance with regulation 1
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PART 1 Citation, commencement and interpretation
Citation and commencement
1 
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Interpretation
2 
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PART 2 Supervision
Exercise of PRA and FCA functions
3 
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Review of capital add-ons
4 
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Non-compliance with solvency capital requirement and exceptional adverse situations
4A 
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Duty to publish technical information
4B 
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Powers in relation to Gibraltar undertakings
4C 
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Procedure on the exercise of powers under regulation 4C
4D 
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Passporting: notification of home state regulator
5 
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EIOPA: information
6 
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EIOPA and EBA: notifications
7 
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Other EEA States: information
8 
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Non-compliance with the minimum capital requirement: provision of information to other supervisory authorities
9 
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9A 
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9B 
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PART 3 Groups
CHAPTER 1
Cases of application and scope
Risk concentration and intra-group transactions
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Equivalent provisions
11 
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Exclusion of undertaking from group supervision
12 
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CHAPTER 2
Levels
Supervision of parents and subgroups at national level: substantive powers
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Supervision of parents and subgroups at national level: procedure
14 
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CHAPTER 3
Group Solvency
Supervision of group solvency and frequency of calculation
15 
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Choice of method
16 
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Inclusion of proportional share
17 
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Related undertakings: calculation of group solvency
18 
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Participating undertakings: calculation of group solvency
19 
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 Gibraltar undertakings: calculation of group solvency
19A 
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Internal models and capital add-ons
20 
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Subsidiaries: solvency capital requirement
21 
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Subsidiaries: non-compliance with the solvency and minimum capital requirements
22 
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Subsidiaries: revocation of approval for applying Articles 238 and 239 of the Solvency 2 Directive
23 
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CHAPTER 4
Risk concentration and intra-group transactions
Supervision of risk concentration and intra-group transactions
24 
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CHAPTER 5
Risk management and internal control
Supervision of system of governance
25 
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CHAPTER 6
Measures to facilitate group supervision
Rule for deciding the group supervisor
26 
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Exceptions to the rule for deciding the group supervisor
27 
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Duties of group supervisor ...
28 
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Cooperation and exchange of information between supervisory authorities
29 
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Consultation between supervisory authorities
30 
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Access to information
31 
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Verification of information
32 
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Group solvency and financial condition report
33 
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Enforcement measures
34 
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CHAPTER 7
Third countries
Non-EEA solvency 2 parent undertakings: equivalence
35 
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Parent undertaking outside the United Kingdom: absence of equivalence
36 
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Parent undertakings outside the United Kingdom: levels
36A 
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CHAPTER 8
Mixed-activity insurance holding companies
Intra-group transactions
37 
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PART 4 Approvals
CHAPTER 1
Procedure: applications
Meaning of  “approval”,  “group application” and  “protected item” 
38 
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Applications: eligibility, process, information and documents
39 
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Additional process: applications from groups and applications to more than one supervisory authority
40 
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CHAPTER 2
Specific Approvals
Verification that the Solvency 2 Directive does not apply
41 
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Matching adjustment
42 
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Volatility adjustment
43 
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Supervisory approval of ancillary own-funds
44 
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Eligible own funds for an intermediate insurance holding company
45 
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Classification of funds
46 
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Basic Solvency Capital Requirement
47 
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Models
48 
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Group applications
49 
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Third-country insurance undertakings: approval of supervision in more than one EEA State
50 
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Withdrawal of authorisation for third-country insurance undertakings authorised in more than one EEA State
51 
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Subsidiaries: application of Articles 238 and 239 of the Solvency 2 Directive
52 
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Transitional measures on risk-free interest rates
53 
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Transitional measures on technical provisions
54 
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CHAPTER 3
Procedure: decisions, appeals and notices
Decisions: written notices
55 
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Appeals
56 
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Publication of written notices
57 
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CHAPTER 4
Rule waivers
Modification or waiver of rules
58 
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PART 5 Amendments
Amendments
59 
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60 
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SCHEDULE 1
Amendments to primary legislation

Regulation 59
PART 1 Amendments to FSMA
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11 
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12 
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17 
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18 
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PART 2 Amendments to other primary legislation
Friendly Societies Act 1992
19 
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Finance Act 1997
20 
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Terrorism Act 2000
21 
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Capital Allowances Act 2001
22 
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Proceeds of Crime Act 2002
23 
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Finance Act 2003
24 
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Companies Act 2006
25 
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Corporation Tax Act 2009
26 
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SCHEDULE 2
Amendments to secondary legislation

Regulation 60
Insolvency (Scotland) Rules 1986
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Companies (1986 Order) (Insurance Companies Accounts) Regulations (Northern Ireland) 1994
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Mineworkers' Pension Scheme (Modification) Regulations 1994
3 
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Industry-Wide Mineworkers' Pension Scheme Regulations 1994
4 
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Insurance Companies (Overseas Life Assurance Business) (Compliance) Regulations 1995
5 
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Occupational Pension Schemes (Scheme Administration) Regulations 1996
6 
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Occupational Pension Schemes (Scheme Administration) Regulations (Northern Ireland) 1997
7 
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Individual Savings Account Regulations 1998
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Competition Act 1998 (Small Agreements and Conduct of Minor Significance) Regulations 2000
9 
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Competition Act 1998 (Determination of Turnover for Penalties) Order 2000
10 
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Financial Services and Markets Act 2000 (Regulated Activities) Order 2001
11 
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The Financial Services and Markets Act 2000 (Disclosure of Confidential Information) Regulations 2001
12 
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Financial Services and Markets Act 2000 (EEA Passport Rights) Regulations 2001
13 
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Financial Services and Markets Act 2000 (Law Applicable to Contracts of Insurance) Regulations 2001
14 
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The Financial Services and Markets Act 2000 (Control of Business Transfers) (Requirements on Applicants) Regulations 2001 (Article 39)
15 
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Enterprise Act 2002 (Merger Fees and Determination of Turnover) Order 2003
16 
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Insurers (Reorganisation and Winding Up) Regulations 2004
17 
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Child Trust Funds Regulations 2004
18 
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Financial Conglomerates and Other Financial Groups Regulations 2004
19 
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Pension Protection Fund (Entry Rules) Regulations (Northern Ireland) 2005
20 
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Occupational Pension Schemes (Investment) Regulations (Northern Ireland) 2005
21 
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Pension Protection Fund (Entry Rules) Regulations 2005
22 
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Insurers (Reorganisation and Winding Up) (Lloyd's) Regulations 2005
23 
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Occupational Pension Schemes (Investment) Regulations 2005
24 
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Money Laundering Regulations 2007
25 
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Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008
26 
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Insurance Accounts Directive (Miscellaneous Insurance Undertakings) Regulations 2008
27 
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Payment Services Regulations 2009
28 
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Mutual Societies (Transfers) Order 2009
29 
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Financial Services and Markets Act 2000 (Controllers) (Exemption) Order 2009
30 
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Financial Services and Markets Act 2000 (Law Applicable to Contracts of Insurance) Regulations 2009
31 
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Occupational and Personal Pension Schemes (Automatic Enrolment) Regulations (Northern Ireland) 2010
32 
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Occupational and Personal Pension Schemes (Automatic Enrolment) Regulations 2010
33 
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Electronic Money Regulations 2011
34 
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Bank of England Act 1998 (Macro-prudential Measures) Order 2013
35 
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Enterprise Act 2002 (Mergers) (Interim Measures: Financial Penalties) (Determination of Control and Turnover) Order 2014
36 
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SCHEDULE 3
Parent undertakings outside the EEA: equivalence

Regulation 35
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SCHEDULE 4
Procedure for an application for a subsidiary to be subject to national law implementing Articles 238 and 239 of the Solvency 2 Directive

Regulation 40
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SCHEDULE 5
Procedure for group applications

Regulation 40
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3 
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