European Communities (Insurance and Reinsurance Groups Supplementary Supervision) Regulations 2007
Statutory Instruments
Source: Statutory Instruments

num: 1
paragraphs: (1) These Regulations may be cited as the European Communities (Insurance and Reinsurance Groups Supplementary Supervision) Regulations 2007.
(2) These Regulations come into operation on 1 June 2007.
num: 2
paragraphs: The object of these regulations is to give effect to the Supplementary Supervision Directive, as amended by the Financial Conglomerates Directive and Article 59 of the Reinsurance Directive.
num: 3
paragraphs: (1) In these Regulations except where the context otherwise requires
(a) a management company within the meaning of Article 1a (2) of the UCITS Directive, or
(b) an undertaking the registered office of which is not located within a Member State but which would require authorisation in accordance with Article 5(1) of that Directive if it had its registered office within such a State;
(a) in relation to the State, means the Bank, or
(b) in relation to another Member State, means the authority that is empowered by a law of that State to supervise the conduct of insurance or reinsurance, or both;
(a) a group that comprises a parent undertaking and subsidiary undertakings of the undertaking and any entities in which the parent undertaking or any of its subsidiary undertakings participate, or
(b) a group of undertakings linked to each other by a relationship as defined by Article 12(1) of the Group Consolidated Accounts Directive;
(a) if there is only one subsidiary undertaking, it is an insurer or a reinsurer, or
(b) if there are two or more subsidiary undertakings—
(i) those undertakings are exclusively or mainly insurers, reinsurers, asset management companies, third country insurers or third country reinsurers, and
(ii) at least one of those undertakings is an insurer or reinsurer;
(a) the holder of an authorisation issued by the Bank under the Non-Life Insurance Regulations or the Life Assurance Regulations, or
(b) the holder of an authorisation granted by the authority charged by law with the duty of supervising the activities of insurers in a Member State other than the State in accordance with Article 6 of the Non-Life Insurance Business Directive or Article 6 of the Life Assurance Business Directive, or
(c) the holder of an official authorisation to undertake insurance in Iceland, Liechtenstein and Norway under the EEA Agreement within the meaning of the European Communities (Amendment) Act 1993 (No. 25 of 1993);
(a) a parent undertaking or other undertaking that holds a participation, or
(b) an undertaking that is linked to another undertaking by means of a relationship as defined by Article 12(1) of the Group Consolidated Accounts Directive;
(2) For the purposes of these Regulations
(a) an undertaking is an associate of an insurer or a reinsurer if it is
(i) a related insurer, or
(ii) a related reinsurer, or
(iii) a subsidiary undertaking, or
(iv) a parent undertaking, or
(v) a subsidiary of a parent undertaking,
(b) an undertaking is related to another undertaking if it
(i) is a subsidiary of the other undertaking, or is an undertaking in which the other undertaking holds a participation, or
(ii) is linked to the other undertaking by means of a relationship as defined by Article 12(1) of the Group Consolidated Accounts Directive.
(3) For the purposes of these Regulations
(a) an insurer or reinsurer is established in the State if it has both its head office and its registered office located in the State, and
(b) an insurer or reinsurer is established in another Member State if it has both its head office and its registered office located in that other State.
(4) A word or expression that is used in these Regulations and is also used in the Supplementary Supervision Directive, the Financial Conglomerates Directive or the Reinsurance Directive has, unless the contrary intention appears, the same meaning in these Regulations as it has in the Directive concerned.
(5) Subject to these Regulations, the Insurance Acts, so far as applicable and subject to any necessary modifications, apply to all insurers and reinsurers to which these Regulations apply.
(6) These Regulations have effect irrespective of any provision to the contrary in any enactment, order or Regulation passed or made before the making of these Regulations.
num: 4
paragraphs: (1) An insurer or reinsurer is subject to supervision as prescribed by Regulation 7, 9, 11 and 12 if it
(a) holds an authorisation issued by the Bank, and
(b) is a participating undertaking in at least one insurer, reinsurer, asset management company, third country insurer or third country reinsurer.
(2) An insurer or reinsurer is subject to supervision as prescribed by Regulations 9, 11 and 13 if it
(a) holds an authorisation issued by the Bank, and
(b) is the subsidiary of an insurance holding company, an asset management company, a third country insurer or a third country reinsurer.
(3) An insurer or reinsurer is subject to supervision as prescribed by Regulations 9 and 11 if it
(a) holds an authorisation issued by the Bank, and
(b) is the subsidiary of a mixed-activity insurance holding company.
(4) The supervision referred to in paragraphs (1) to (3) is supplementary to that prescribed by the Non-Life Insurance Regulations, the Life Assurance Regulations and the Reinsurance Regulations.
num: 5
paragraphs: (1) The Bank’s role in exercising supplementary supervision of insurers and reinsurers to which Regulation 4 applies does not imply that the Bank is required to undertake a supervisory role in relation to a third country insurer, a third country reinsurer, an insurance holding company, a mixed-activity insurance holding company or an asset management company.
(2) However, the Bank’s role in exercising supplementary supervision over an insurer or reinsurer to which Regulation 4 applies does extend to exercising supervision over
(a) an undertaking related to the insurer or reinsurer, and
(b) a participating undertaking in the insurer or reinsurer, and
(c) an undertaking related to a participating undertaking in the insurer or reinsurer.