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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

GDPR

07/03/2019

means Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC.

general insurance business

19/06/2014

the business of effecting contracts of insurance or carrying out contracts of insurance in each case in relation to contracts of general insurance only.

general insurance capital requirement

01/01/2016

means the highest of the premiums amount, claims amount and brought forward amount as set out in Insurance Company – Capital Resources Requirements 7.1.

general insurance liabilities

01/01/2016

means liabilities arising from general insurance business.

general insurer

01/01/2016

means an insurer with permission to effect contracts of insurance or carry out contracts of insurance that are contracts of general insurance.

general liability

01/01/2016

means the class of contract of insurance, specified in paragraph 13 of Part I of Schedule 1 to the Regulated Activities Order.

GENPRU

03/08/2015

means the General Prudential sourcebook for Banks, Building Societies, Insurers and Investment Firms in the PRA Handbook as at 31 July 2015.

goods in transit

03/07/2015

means the class of contract of insurance specified in paragraph 7 of Part I of Schedule 1 to the Regulated Activities Order.

governing body

07/03/2016

means the board of directors, committee of management or other governing body of an unincorporated association or body corporate and includes, in relation to the Society, a committee to which the Council directly delegates authority to carry out the Society’s regulatory functions.

gross earned premiums

01/01/2016

means (in relation to a financial year) such proportion of gross written premiums as is attributable to risk borne by the firm during that financial year.

gross written premiums

01/01/2016

means the amounts required by the insurance accounts rules to be shown in the profit and loss account of a firm:

(1) (for general insurance business) at general business technical amount item I.1.(a); and

(2) (for long-term insurance business) at long-term business technical account item II.1.(a).

group

01/01/2016

This term is defined externally, please refer to -

s421 FSMA

group

01/01/2016

(in the Solvency II Firms Sector of the PRA Rulebook) means a group of undertakings that:

(1) consists of a participating undertaking, its subsidiary undertakings and the undertakings in which it holds a participation, as well as undertakings linked to each other by an Article 12(1) relationship; or

(2) consists of a mutual-type group.

Additional Notes

[Note: Art. 212(1)(c) of the Solvency II Directive]

group provider

01/01/2019

in relation to a firm, means

(1) a member of its group that provides critical services to it; or

(2) the firm itself if one of its business units provides the critical services to it.

group recovery plan

01/01/2019

means a group recovery plan drawn up by a BRRD undertaking in accordance with Recovery Plans 3.

group SCR

01/01/2016

means the solvency capital requirement calculated at the level of the group, in accordance with Group Supervision 4 to 15.

guarantee fund

01/01/2016

means the amount calculated in accordance with Friendly Society – Friendly Society Overall Resources and Guarantee Fund 5.

guidance

19/06/2014

means guidance given by the PRA in the form of supervisory statements or otherwise.