Glossary

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Term Definition Legal instruments

own funds

01/01/2016

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

(1) (in relation to a UK Solvency II firm and Lloyd’s) the firm’s aggregate basic own funds and ancillary own funds as determined in accordance with the Own Funds Part of the PRA Rulebook; or

(2) (in relation to a Solvency II undertaking other than a UK Solvency II firm) own funds determined in accordance with Solvency II EEA implementing measures; or

(3) (in relation to an insurance holding company) own funds determined in accordance with (1) as if it were a UK Solvency II firm; or

(4) (in relation to a third country branch undertaking) the firm’s aggregate basic own funds and ancillary own funds as determined in accordance with (1) as if it were a UK Solvency II firm.

Additional Notes

[Note: Art. 87 of the Solvency II Directive]