Glossary

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Term Definition Legal instruments

captive reinsurer

01/01/2016

THIS DEFINITION ONLY APPLIES TO THE MINIMUM CAPITAL REQUIREMENT PART

means a Solvency II undertaking that is a pure reinsurer owned by:

(1) a financial undertaking other than a Solvency II undertaking; or

(2) a group of Solvency II undertakings; or

(3) a non-financial undertaking;

the purpose of which is to provide reinsurance cover exclusively for the risks of the undertaking or undertakings to which it belongs or of an undertaking or undertakings of the group of which that pure reinsurer is a member.

Additional Notes

[Note: Art.13(5) of the Solvency II Directive]