S.L. 403.20 Art. 4Phasing-in: Second Stage. Applicability of approvals or permissions.

As from 1st July 2015, for the purposes of the phasing-in under the Solvency II Directive, the competent authority shall have the power to:

(a) decide to deduct any participation in accordance with the second sub-paragraph of Article 228 of the Solvency II Directive;

(b) determine the choice of method to calculate group solvency in accordance with Article 220 of the Solvency II Directive;

(c) make the determination on equivalence, where appropriate, in accordance with Articles 227 and 260 of the Solvency II Directive;

(d) permit authorised insurance and reinsurance undertakings to be subject to Articles 238 and 239, in accordance with Article 236 of the Solvency II Directive;

(e) make the determinations referred to in Articles 262 and 263 of the Solvency II Directive; and applications submitted by authorised insurance or reinsurance undertakings for approval or permission in accordance with regulations 3 and 4 shall not become applicable before 1st January 2016.