Glossary

Looking for the right term then try the glossary:

Term Definition Legal instruments

major treaty reinsurer

01/07/2016

THIS DEFINITION ONLY APPLIES TO THE INSURANCE COMPANY - REPORTING PART

means an insurance undertaking to which (whether alone or with any insurance undertaking which has close links with the other insurance undertaking):

(1) the firm has ceded general insurance business under one or more reinsurance treaties:

(a) in the case of proportional reinsurance, for which the total amount of the reinsurance premiums payable is equal to not less than 2% of the gross premiums receivable by the firm in respect of the general insurance business; or

(b) in the case of non-proportional reinsurance, for which the total amount of the reinsurance premiums payable is equal to not less than 5% of the total premiums payable by the firm in respect of all such non-proportional reinsurance

      in the financial year in question or in any of the five preceding financial years of the firm; or

(2) the aggregate of the amounts referred to in 4.21(1)(d) and (f) exceeds the sum of £20,000 and 5% of the firm’s liabilities arising from its general insurance business, net of reinsurance ceded.