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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

Application and Definitions

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.

2

General Provisions

2.1

08/12/2017

A UK ISPV must ensure that at all times:

  1. (1) it is fully funded; and
  2. (2) if it is a UK multi-arrangement ISPV, each group of cells (if any) is fully funded.

3

Application of Solvency II Regulations to UK ISPVs with Part 4A Permission

3.1

08/12/2017

[deleted]

3.1A

08/12/2017

A UK ISPV that is a non-Solvency 2 transformer vehicle must apply any relevant provision of the Solvency II Regulations as at 1 January 2016 in order to achieve the same effect as that provision of the Solvency II Regulations would have (that is, conforming with the requirements of the relevant provision) when applied to a Solvency II special purpose vehicle.

4

Multi-arrangement ISPVs

4.1

08/12/2017

This Chapter only applies to a UK multi-arrangement ISPV.

4.2

08/12/2017

4.3

08/12/2017

4.4

08/12/2017

5

Restriction of Activities

5.1

08/12/2017

A UK ISPV must not engage in any activities other than insurance risk transformation and activities directly arising from insurance risk transformation.

6

Forms

6.1

19/01/2019

6.2

19/01/2019