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 4Amendments to the Financial Services and Markets Act 2000

Amendments to Schedule 6 (threshold conditions)10.

In Schedule 6 (threshold conditions), in Part 1D (Part 4A permission: conditions for which the PRA is responsible in relation to insurers etc.), in paragraph 4A—

(a)

in sub-paragraph (7)22—

(i)

for “third country insurance or reinsurance undertakings” substitute “overseas insurance undertakings or overseas reinsurance undertakings”;

(ii)

for “Gibraltarian insurance or reinsurance undertakings” substitute “Gibraltar insurance undertakings or Gibraltar reinsurance undertakings”;

(iii)

omit from “; and for these purposes” to the end.

(b)

after sub-paragraph (7) insert—

“(8)

In this paragraph—

“Gibraltar insurance undertaking” means an undertaking which—

(a)

has its head office in Gibraltar; and

(b)

is authorised by the Gibraltar Financial Services Commission to effect or carry out contracts of insurance (other than contracts of reinsurance) under paragraph 24 of Schedule 2 to the Financial Services Act 2019 of Gibraltar;

“Gibraltar reinsurance undertaking” means an undertaking which—

(a)

has its head office in Gibraltar; and

(b)

is authorised by the Gibraltar Financial Services Commission to effect or carry out contracts of insurance that are limited to reinsurance contracts under paragraph 24 of Schedule 2 to the Financial Services Act 2019 of Gibraltar;

“overseas insurance undertaking” means a person who—

(a)

is established in a country or territory other than—

  1. (i)

    the United Kingdom, or

  2. (ii)

    Gibraltar;

(b)

is not an authorised person;

(c)

is not an authorised person for the purposes of the Financial Services Act 2019 of Gibraltar; and

(d)

effects or carries out contracts of insurance as principal;

“overseas reinsurance undertaking” means a person who—

(a)

is established in a country or territory other than—

  1. (i)

    the United Kingdom, or

  2. (ii)

    Gibraltar;

(b)

is not an authorised person;

(c)

is not an authorised person for the purposes of the Financial Services Act 2019 of Gibraltar; and

(d)

effects or carries out contracts of insurance that are limited to reinsurance contracts as principal.”.