Glossary

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.

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).

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

1. (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 a common management relationship; or
2. (2) consists of a mutual-type group.

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

means a contract of insurance covering a specified group of persons which provides benefits in the form of regular payments to nominated dependant(s) upon the death of a person in that group, to the extent of and in accordance with the terms of that contract of insurance.

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.

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

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

means (in relation to a group) the authority designated as group supervisor in relation to that group, being the PRA or the Gibraltar Financial Services Commission, as the case may be.

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

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