Legislation – The Insurance and Reinsurance Undertakings (Prudential Requirements) (Amendment and Miscellaneous Provisions) Regulations 2024

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Introduction

PART 1
Introductory

1 Citation, commencement and extent

PART 2
Prudential requirements

2 Amendments to the Insurance and Reinsurance Undertakings (Prudential Requirements) Regulations 2023

PART 3
Savings: Gibraltar groups and undertakings

3 Saving for Gibraltar groups and undertakings

PART 4
Amendments to the Financial Services and Markets Act 2000

4 Amendments to FSMA 2000

5 Amendment to section 165 (power to require information: authorised persons etc)

6 Amendment to section 167 (appointment of persons to carry out general investigations)

7 Amendments to section 417 (definitions)

8 Amendment to section 425 (expressions relating to authorisation in the single market)

9 Amendments to Schedule 3 (EEA passport rights)

10 Amendments to Schedule 6 (threshold conditions)

PART 5
Amendments to primary legislation

11 Amendments to the Companies Act 2006

PART 6
Amendments to secondary legislation

12 Amendments to the Financial Services and Markets Act 2000 (Disclosure of Confidential Information) Regulations 2001

13 Amendment to the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001

14 Amendment to the Financial Services and Markets Act 2000 (Variation of Threshold Conditions) Order 2001

15 Amendments to the Bank of England Act 1998 (Macro-prudential Measures) Order 2013

16 Amendment to the Financial Services and Markets Act 2000 (Prescribed Financial Institutions) Order 2013

Signature

Explanatory note

PART 6Amendments to secondary legislation

Amendments to the Financial Services and Markets Act 2000 (Disclosure of Confidential Information) Regulations 200112.

(1)

The Financial Services and Markets Act 2000 (Disclosure of Confidential Information) Regulations 200124 are amended as follows.

(2)

In regulation 2 (interpretation), after the definition of “prescribed disciplinary proceedings”, insert—

““PRA rules” means the rules made by the PRA under the Act as they have effect from time to time;”.

(3)

After regulation 10C insert—

“Disclosure of information in order to publish a stress test in relation to insurance undertakings and reinsurance undertakings10D.

The PRA or a person who is employed by the PRA may disclose confidential information if it is necessary to do so in order to publish the outcome of a stress test conducted in respect of an insurance undertaking, which is also a UK Solvency II Firm as defined by the PRA rules, or a reinsurance undertaking, which is also a UK Solvency II firm as defined by the PRA rules.”.

(4)

After regulation 12C insert—

“Disclosure of information in order to publish a stress test in relation to insurance undertakings and reinsurance undertakings12D.

The PRA or a person who is employed by the PRA may disclose confidential information if it is necessary to do so in order to publish the outcome of a stress test conducted in respect of an insurance undertaking, which is also a UK Solvency II Firm as defined by the PRA rules, or a reinsurance undertaking, which is also a UK Solvency II Firm as defined by the PRA rules.”.

Amendment to the Financial Services and Markets Act 2000 (Regulated Activities) Order 200113.

In paragraph 1 of Part 1 of Schedule 3 to the Financial Services and Markets Act 2000 (Regulated Activities) Order 200125 (exemptions from the definition of “investment firm”), omit sub-paragraph (ba).

Amendment to the Financial Services and Markets Act 2000 (Variation of Threshold Conditions) Order 200114.

In article 3 of the Financial Services and Markets Act 2000 (Variation of Threshold Conditions) Order 200126 (non-UK insurers), in paragraph (1)(b) omit paragraph (ii).

Amendments to the Bank of England Act 1998 (Macro-prudential Measures) Order 201315.

In article 1(2) of the Bank of England Act 1998 (Macro-prudential Measures) Order 201327 (citation, commencement and interpretation)—

(a)

in the definition of “financial sector entity”—

(i)

omit paragraphs (h) and (j);

(ii)

in paragraph (k), for “, reinsurance undertakings, third country insurance undertakings or third country reinsurance undertakings” substitute “or reinsurance undertakings”;

(b)

omit the definition of “third country insurance undertaking”;

(c)

omit the definition of “third country reinsurance undertaking”.

Amendment to the Financial Services and Markets Act 2000 (Prescribed Financial Institutions) Order 201316.

In article 1(2) of the Financial Services and Markets Act 2000 (Prescribed Financial Institutions) Order 201328 (citation, commencement and interpretation), in the definition of “insurance holding company”, for “regulation 2(1) of the Solvency 2 Regulations 2015” substitute “the rules made by the PRA under the Act as they have effect from time to time”.