73. The Regulations of 2015 are amended by the insertion of the following regulations after Regulation 13:

“Conditions for application of Regulation 13B

13A. (1) This Regulation applies to a person who satisfies the following conditions:

(a) the person was, 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;

(b) the person has, before the relevant date—

(i) established a branch and started business in the State, or

(ii) pursued business in the State under the freedom to provide services,

in accordance with Chapter VIII of Title I of the Directive;

(c) the person—

(i) on or before the relevant date, ceased to conduct new insurance contracts in the State, and

(ii) after that date, exclusively administers its existing portfolio in order to terminate its activity in the State;

(d) the person complies with the general good requirements.

(2) This paragraph applies where the Bank has decided it is satisfied that a person—

(a) satisfying the condition described in subparagraph (a) of paragraph (1), and

(b) satisfying either of the conditions described in subparagraph (b) of that paragraph,

has, after the relevant date—

(i) carried on any insurance business in the State, other than the administration of its existing portfolio in order to terminate its activity in the State,

(ii) permanently ceased to carry on insurance business in the State, having completed the administration of its existing portfolio in order to terminate its activity in the State,

(iii) failed to make sufficient progress towards permanently ceasing to carry on insurance business in the State by the date that is 3 years from the relevant date, or

(iv) failed to comply with the general good requirements.

(3) Where paragraph (2) applies, the Bank may issue a notification (in this Regulation referred to as a ‘withdrawal notification’) to the person concerned stating that it is satisfied that subparagraph (i), (ii), (iii) or (iv), as the case may be, of that paragraph applies to that person.

(4) A decision of the Bank under paragraph (2) is an appealable decision for the purposes of Part VIIA of the Central Bank Act 1942.

(5) A person to whom this Regulation applies shall, not later than 3 months from the relevant date, notify the Bank of the application of this Regulation to that person.

(6) This Regulation shall cease to apply to a person on the date that is the earlier of—

(a) the date on which the Bank issues a withdrawal notification to the person, and

(b) the date that is 3 years from the relevant date.

(7) In this Regulation—

‘general good requirements’ means the conditions under which, in the interest of the general good, insurance business shall be carried on in the State, as published by EIOPA and the Bank from time to time;

‘relevant date’ shall—

(a) subject to subparagraph (b), be construed as a reference to the date on which Part 8 of the Withdrawal of the United Kingdom from the European Union (Consequential Provisions) Act 2019 comes into operation, or

(b) where a time on a particular date is appointed as the time (on that date) at which that Part shall come into operation, be deemed to be a reference to that time.

Regulations applicable to a person to whom Regulation 13A applies

13B. (1) These Regulations shall, subject to the modifications specified in paragraph (2), apply to a person to whom Regulation 13A applies as if the person were an insurance undertaking holding an authorisation under these Regulations, issued by the Bank, permitting the person to administer its existing portfolio in order to terminate its activity in the State, but not permitting the person to carry on any other insurance business in the State.

(2) The modifications referred to in paragraph (1) are as follows:

(a) the following provisions shall not apply:

(i) Regulations 13 to 15;

(ii) Regulation 17;

(iii) Regulations 21 to 24;

(iv) Regulation 33;

(v) Regulations 35 to 42;

(vi) Regulations 44 to 75;

(vii) Regulations 78 to 143;

(viii) Regulations 145 to 150;

(ix) Regulation 152;

(x) Regulations 154 to 163;

(xi) Regulations 166 and 167;

(xii) Regulation 169;

(xiii) Regulations 171 to 173;

(xiv) Regulations 175 to 188;

(xv) Regulations 192 and 193;

(xvi) Regulations 212 and 213;

(xvii) Regulations 215 to 278;

(xviii) Regulations 280 to 299;

(xix) Parts 1 to 4 of Schedule 3;

(b) the Bank may, in writing, impose, on a person to whom these Regulations apply in accordance with paragraph (1), conditions in relation to the operation or termination, or both the operation and termination, of that person’s insurance business and a condition so imposed shall be treated for the purposes of the application of these Regulations in accordance with that paragraph as if it were a condition imposed under Regulation 26.”.