S.L. 403.23 ст. 6Transitional measures on authorised insurance or reinsurance undertakings which have ceased to operate. S.L. 403.15

(1) Where an authorised insurance undertaking or an authorised reinsurance undertaking has on 1 January 2016 ceased wholly to carry on business of insurance and is exclusively running off or servicing that business, Titles I, II and III of the Solvency II

Directive shall not apply to it where the undertaking concerned:

(a) has satisfied the competent authority that it will complete the run off or servicing before 1 January 2019; or

(b) is subject to reorganisation measures in accordance with article 41 of the Act, and the Insurance Business (Reorganisation and Winding Up of Insurance Undertakings) Regulations, and an administrator has been appointed.

(2) Where the competent authority is not satisfied with the progress that has been made:

(a) towards completing the run off or servicing of the business in the case referred to in sub-regulation (1)(a), the undertaking shall be subject to Titles I, II and III of the Solvency II Directive from 1 January 2019, or from an earlier date;

(b) in relation to the reorganisation measures in the case referred to in sub-regulation (1)(b), the undertaking shall be subject to Titles I, II and III of the Solvency II Directive from 1 January 2021, or from an earlier date.

(3) The transitional measures in sub-regulations (1) and (2) shall only apply to an authorised insurance undertaking or an authorised reinsurance undertaking if the following conditions are met:

(a) the authorised insurance or reinsurance undertaking is not part of a group, or if it is, all the undertakings that are part of the group cease to carry on business of insurance;

(b) the authorised insurance or reinsurance undertaking shall provide the competent authority with an annual report setting out what progress has been made in terminating its activity; and

(c) the authorised insurance or reinsurance undertaking has obtained the approval of the competent authority to apply the transitional measures.

(4) The competent authority shall communicate a list of the authorised insurance undertakings and authorised reinsurance undertakings referred to in this regulation to all the Member States and EEA States.