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PART 5
Amendment of Regulations of 2015
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Amendment of Regulations of 2015
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11. The Regulations of 2015 are amended—
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(a) in Regulation 13A—
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(i) in paragraph (1) —
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(I) by the substitution of the following subparagraph for subparagraph (a) :
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“(a) the person was—
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(i) immediately before the relevant date, authorised as an insurance undertaking, within the meaning of the Directive, under the law of the United Kingdom or Gibraltar giving effect to the Directive, or
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(ii) before the relevant date, authorised as an insurance undertaking, within the meaning of the Directive, under the law of the United Kingdom or Gibraltar giving effect to the Directive, but that person’s authorisation was withdrawn prior to the relevant date as a consequence of the commencement of winding-up proceedings or reorganisation measures where such winding-up proceedings or reorganisation measures are, at the relevant date, continuing;”,
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and
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(II) in subparagraph (c), by the substitution of the following clause for clause (ii):
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“(ii) after that date, as regards insurance business in the State, exclusively administers its existing portfolio in order to terminate its activity in the State;”,
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(ii) in paragraph (2), by the substitution of the following subparagraph for subparagraph (a):
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“(a) satisfying either of the conditions described in subparagraph (a) of paragraph (1), and”,
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and
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(iii) by the substitution of the following paragraph for paragraph (5):
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“(5) A person to whom this Regulation applies shall—
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(a) where this Regulation first applies to the person prior to the date on which section 11 of the Insurance (Miscellaneous Provisions) Act 2022 comes into operation, not later than 3 months from the relevant date, notify the Bank of the application of this Regulation to that person, and
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(b) where this Regulation first applies to the person on or after the date on which section 11 of the Insurance (Miscellaneous Provisions) Act 2022 comes into operation, not later than 3 months from the date on which this Regulation first applies to the person, notify the Bank of the application of this Regulation to that person.”,
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and
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(b) in Regulation 13B—
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(i) in paragraph (1), by the substitution of “subject to paragraph (3) and the modifications specified in paragraph (2) ” for “subject to the modifications specified in paragraph (2) ”,
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(ii) in paragraph (2) (a) —
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(I) by the substitution of the following clause for clause (i):
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“(i) Regulations 13, 14 and 15;”,
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(II) by the substitution of the following clause for clause (xvii):
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“(xvii) Regulations 215 to 299;”,
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and
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(III) by the deletion of clause (xviii),
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and
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(iii) by the insertion of the following paragraph after paragraph (2):
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“(3) Where a person to whom Regulation 13A applies carries on reinsurance business in the State, these Regulations shall not apply in respect of that reinsurance business.”.
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