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Application provision

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

1.1

08/12/2017

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

1.2

08/12/2017

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.