Glossary

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Term Definition Legal instruments

major cedants

01/07/2016

THIS DEFINITION ONLY APPLIES TO THE INSURANCE COMPANY - REPORTING PART

means, in relation to a firm, another insurance undertaking from which (whether alone or with any insurance undertaking which is connected with the other insurance undertaking) the firm has accepted general insurance business under one or more reinsurance treaties for which the gross premiums receivable exceed the greater of:

(1) 5% of the gross premiums receivable by the firm in respect of general insurance business accepted under reinsurance treaties; and

(2) 2% of the gross premiums receivable by the firm in respect of general insurance business,

in the financial year in question or in any of the three preceding financial years of the firm.