Glossary

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Term Definition Legal instruments

hybrid security

01/01/2016

THIS DEFINITION ONLY APPLIES TO THE INSURANCE COMPANY – EXPOSURE LIMITS PART

means a debt security, other than an approved security, the terms of which provide, or have the effect that, the holder does not, or would not, have an unconditional entitlement to payment of interest and repayment of capital in full within 75 years of the date on which the security is being valued.