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

PART 4Amendments to the Financial Services and Markets Act 2000

Amendments to FSMA 2000

4.  FSMA 2000 is amended as set out in this Part.

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

5.  In section 165 (power to require information: authorised persons etc) in subsection (7)(e)(1) for “, reinsurance undertaking or third-country insurance undertaking” substitute “or reinsurance undertaking”.

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

6.  In section 167 (appointment of persons to carry out general investigations), in subsection (2)(c)(2) for “, reinsurance undertaking or third-country insurance undertaking” substitute “or reinsurance undertaking”.

Amendments to section 417 (definitions)

7.  In section 417(1) (definitions)—

(a)for the definition of “insurance undertaking”(3) substitute—

““insurance undertaking” means—

(b)omit the definition of “minimum capital requirement”(4);

(c)for the definition of “reinsurance undertaking”(5) substitute—

““reinsurance undertaking” means—

(d)omit the definition of “solvency capital requirement”(6);

(e)omit the definition of “third-country insurance undertaking”(7).

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

8.  In section 425 (expressions relating to authorisation in the single market), in subsection (1)(a) omit ““, Solvency 2 Directive””(8).

Amendments to Schedule 3 (EEA passport rights)

9.  In Schedule 3 (EEA passport rights), in Part 1 (defined terms)(9)—

(a)in paragraph 1, omit sub-paragraph (c);

(b)omit paragraph 3;

(c)in paragraph 5, omit sub-paragraphs (d) and (da).

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)(10)—

(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—

“Gibraltar reinsurance undertaking” means an undertaking which—

“overseas insurance undertaking” means a person who—

“overseas reinsurance undertaking” means a person who—