Glossary

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Term Definition Legal instruments

gone into run-off

19/12/2016

THIS DEFINITION ONLY APPLIES TO THE FEES PART

means that an insurer has acquired the following characteristics: 

(1) it has ceased to effect new contracts of insurance;
(2) its permission for effecting contracts of insurance has been cancelled; 
(3) its exclusive remaining business is administering its remaining insurance liabilities;
      and 
(4) if required to do so, it has submitted a run-off plan to the PRA