The Competition (Amendment etc.) (EU Exit) Regulations 2019

Competition Act 1998 (Determination of Turnover for Penalties) Order 2000

2.—(1) The Schedule to the Competition Act 1998 (Determination of Turnover for Penalties) Order 2000(1) is amended as follows.

(2) In paragraph 1—

(a) in the definition of “financial institution”, for “EEA” substitute “United Kingdom”;

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

““insurance undertaking” means—

(a)

an insurance undertaking carrying on the business of direct insurance of a class set out in Article 2 of, or Annex 1 to, Directive 2009/138/EC of the European Parliament and Council of 25 November 2009 on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II);

(b)

a reinsurance undertaking; or

(c)

a third-country reinsurance undertaking;”;

(c) omit the “and” at the end of the definition of “insurance undertaking” and after that definition insert—

““reinsurance undertaking” means an undertaking which—

(a)

has its head office in the United Kingdom;

(b)

has permission under Part 4A of the Financial Services and Markets Act 2000 to carry on one or more regulated activities;

(c)

effects or carries out contracts of insurance that are limited to reinsurance contracts; and

(d)

would require authorisation in accordance with Article 14 of Directive 2009/138/EC, if the United Kingdom were a Member State;

“third-country reinsurance undertaking” means an undertaking which, if its head office were in the United Kingdom—

(a)

would require permission under Part 4A of the Financial Services and Markets Act 2000 to carry out regulated activities relating to reinsurance; and

(b)

immediately before exit day, would have required authorisation as a reinsurance undertaking in accordance with Article 14 of Directive 2009/138/EC; and”.

(1)

S.I. 2000/309; relevant amending instruments are S.I. 2004/1259, 2013/3115 and 2015/575.