Glossary

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Term Definition Legal instruments

Solvency II excluded operations

01/01/2016

THIS DEFINITION ONLY APPLIES TO THE INSURANCE GENERAL APPLICATION PART

means:

(1) a mutual whose insurance business is restricted to the provision of benefits which vary according to the resources available and in which the contributions of the members are determined on a flat- rate basis; or

(2) a mutual whose liabilities in respect of contracts of general insurance must be fully reinsured with or guaranteed by other mutuals (including friendly societies) and the mutuals providing the reinsurance or the guarantees are Solvency II undertakings.