The Insurance and Reinsurance Undertakings (Prudential Requirements) Regulations 2023
These Regulations, together with rules to be made by the Prudential Regulation Authority (“PRA”), restate some provisions of Articles 53 and 54 of Commission Delegated Regulation (EU) 2015/35 of 10th October 2014 supplementing Directive 2009/138/EC of the European Parliament and of the Council on the taking-up and pursuit of the business of insurance and reinsurance (Solvency II) (“Regulation 2015/35”) and some provisions of regulations 4B and 42 of the Solvency 2 Regulations 2015 (S.I. 2015/575), in some cases with modifications. Those provisions of Regulation 2015/35 and the Solvency 2 Regulations 2015 are revoked by section 1(1) of, and Schedule 1 to, the Financial Services and Markets Act 2023 (c. 29) and the revocations are due to come into force on 30th June 2024. The draft PRA rules are available at www.bankofengland.co.uk/prudential-regulation/publication/2023/september/review-of-solvency-ii-reform-of-the-matching-adjustment and from the PRA at the address given below, and are also due to come into force on 30th June 2024.