Glossary

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Term Definition Legal instruments

basic own funds

01/01/2016

(in the Solvency II Firms Sector of the PRA Rulebook):

(1) (in relation to a UK Solvency II firm and Lloyd’s), has the meaning given in Own Funds 2.2; or

(2) (in relation to a Solvency II undertaking other than a UK Solvency II firm) means an own funds item referred to in Article 88 of the Solvency II Directive, determined in accordance with the applicable Solvency II EEA implementing measures; or

(3) (in relation to an insurance holding company) means an own funds item referred to in Article 88 of the Solvency II Directive, determined in accordance with (1) as if it were a UK Solvency II firm; or

(4) (in relation to a third country branch undertaking) means an own funds item referred to in article 88 of the Solvency II Directive, determined in accordance with (1) as if it were a UK Solvency II firm.

Additional Notes

[Note: Art. 88 of the Solvency II Directive]