Prudential Regulation Authority Rulebook

1.1

Unless otherwise stated, this Part applies to a UK ISPV (including a UK ISPV that is a non-Solvency 2 transformer vehicle).

1.2

In this Part, the following definitions shall apply:

assumption of risk notification

means a notification by a UK protected cell company of the assumption of a risk required under regulation 60 of the Risk Transformation Regulations.

group of cells

has the meaning given in regulation 3 of the Risk Transformation Regulations.

group of cells notification form

means the form in rule 6.2.

inter-cell arrangement notification

means a notification by a UK protected cell company of:

1. (1) the creation of an arrangement within a group of cells, as required by regulation 69 of the Risk Transformation Regulations; or
2. (2) the amendment or cancellation of an arrangement within a group of cells, as required by regulation 70 of the Risk Transformation Regulations.

MISPV new risk assumption notification form

means the form in 6.1.

multi-arrangement special purpose vehicle

has the meaning given in Article 2 of the Commission Implementing Regulation (EU) 2015/462.

non-Solvency 2 transformer vehicle

has the meaning given in regulation 9(1) of the Risk Transformation Regulations.

Risk Transformation Regulations

means the Risk Transformation Regulations 2017 (2017/1212).

UK multi-arrangement ISPV

means:

1. (1) a UK ISPV that is a multi-arrangement special purpose vehicle; and
2. (2) a UK ISPV that is a non-Solvency 2 transformer vehicle which assumes risks under more than one separate contractual arrangement from one or more undertaking(s).

UK protected cell company

means a protected cell company formed under the Risk Transformation Regulations.