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means the market value as determined in accordance with generally accepted accounting practice.
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means the adjustment to the relevant risk-free interest rate term structure to calculate the best estimate of a relevant portfolio of insurance or reinsurance obligations in accordance with:
- (1) the Matching Adjustment Part; and
- (2) [deleted]
- (3) [deleted]
- (4) relevant technical information published by the PRA in accordance with regulation 3(1) of the IRPR regulations.
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means:
- (1) the conditions contained in regulation 4(3) to (9) and (11) of the IRPR regulations; and
- (2) the conditions contained in 2.2 to 2.4 (inclusive) of the Matching Adjustment Part.
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means the permission granted to a firm by the PRA pursuant to section 138BA of FSMA to apply a matching adjustment for the purposes of calculating the best estimate in relation to a relevant portfolio of insurance or reinsurance obligations.
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means an application by a firm for a matching adjustment permission.
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means a relevant portfolio of insurance or reinsurance obligations and the corresponding relevant portfolio of assets.
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means outsourcing services of such importance that weakness, or failure, of the services would cast serious doubt upon the firm's continuing satisfaction of the threshold conditions or compliance with the Fundamental Rules.
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the provision made by an insurer to cover liabilities (excluding liabilities which have fallen due and liabilities arising from deposit back arrangements) arising under or in connection with contracts of long-term insurance.
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means the minimum capital requirement (which is calibrated to the value-at-risk of a firm’s basic own funds subject to a confidence level of 85% over a one-year period) calculated in accordance with the Minimum Capital Requirement Part.
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means an insurance obligation that covers the provision or financial compensation referred to in (1) of the definition of health insurance obligation.
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means a reinsurance obligation which arises from accepted reinsurance covering medical expense insurance obligations.