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Glossary

The Rulebook Glossary contains defined terms used in more than one Part across the PRA Rulebook.

The full Glossary can be downloaded as a PDF or printed using the icons to the right.

Term Definition Legal instruments for this definition

national specific template

01/01/2016

means a template which a firm is required to complete pursuant to Reporting 2.6 and 2.8.

net premium

01/01/2016

means the premium that is calculated to provide the basic sum assured under a with-profits policy taking into consideration only the mortality and interest rate risks and using the same assumptions as used in the calculation of the mathematical reserves.

non-core large exposures group or NCLEG

03/08/2015

has the meaning given in the Large Exposures Part.

non-directive firm

03/01/2018

(in accordance with the Financial Services and Markets Act 2000 (Controllers) (Exemption) Order 2009 (SI 2009/774)) a UK domestic firm other than:

(1) a credit institution authorised under the Banking Consolidation Directive;

(2) an investment firm authorised under MiFID II;

(3) a management company as defined in article 2(1)(b) of the European Parliament and Council Directive of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (No 2009/65/EC),1 2, 3, 4, as amended (the UCITS Directive), authorised under that directive;

(4) a Solvency II undertaking, the Society and managing agents.

non-directive friendly society

01/01/2016

means a friendly society that is not a UK Solvency II firm.

non-directive insurer

08/12/2017

means a firm with a Part 4A permission to effect contracts of insurance or carry out contracts of insurance, other than:

(1) a UK Solvency II firm; and

(2) a third country branch undertaking.

non-executive director

07/03/2016

means a director of a firm who does not perform an executive function in relation to that firm.

non-profit insurance business

01/01/2016

means the business of effecting contracts of insurance or carrying out contracts of insurance that are non-profit policies.

non-profit policy

01/01/2016

means a contract of long-term insurance which is not a with-profits policy.

non-Solvency I firm

01/01/2016

means a firm that immediately before the Solvency II implementation date fell outside the scope of each of the Solvency I Directives.

non-UCITS retail scheme

01/01/2016

means an ICVC, authorised unit trust scheme, or an authorised contractual scheme which is not a collective investment scheme falling within the UCITS Directive or a qualified investor scheme.

notified non-executive director

07/03/2016

means a non-executive director of a firm who is not an approved person in relation to that firm.

notional life MCR

01/01/2016

means the notional minimum capital requirement calculated under Composites 4.2(1).

notional life SCR

01/01/2016

means the notional solvency capital requirement for long-term insurance business, calculated in accordance with the Solvency II Regulations.

notional non-life MCR

01/01/2016

means the notional minimum capital requirement calculated under Composites 4.2(2).

notional non-life SCR

01/01/2016

means the notional solvency capital requirement for general insurance business, calculated in accordance with the Solvency II Regulations.