Glossary

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Term Definition Legal instruments

large firm

10/12/2018

means:

(1) a firm with a Part 4A permission to:

(a) effect contracts of insurance; or

(b) carry out contracts of insurance;

(2) the Society; or

(3) a managing agent

in respect of which: 

(a) the amount of the firm’s gross written premiums exceeds £1 billion in each annual report and accounts prepared by the firm for each of the previous three financial years; or

(b) the amount of the firm’s assets relating to all regulated activities carried on by the firm exceeds £10 billion in each annual report and accounts prepared by the firm for each of the previous three financial years

and:

(i) where the firm has not produced annual report and accounts for three financial years, the amounts in (a) and (b) are the amounts reported by the firm in those annual report and accounts that have been published by the firm; and 

(ii) where the firm is a third country branch undertaking, the amounts in (a) and (b) are only those amounts relating to the operations effected by the third country branch.