Glossary

means the class of contract of insurance, specified in paragraph 4 of Part 1 of Schedule 1 to the Regulated Activities Order.

means, in respect of each credit quality step, the additional sub-categories (if relevant) which differentiate the relative credit quality of assets within that credit quality step.

means an interest in land, buildings or other immoveable property.

The changes to this defined term are effective from 23:00 on 31/12/2020.

means a scheme recognised under:

(1) section 270 of FSMA (Schemes authorised in designated countries or territories); or

(2) section 272 of FSMA (Individually recognised overseas schemes).

means:

(1) (except in the Group Supervision Part of the PRA Rulebook), the Recovery Plans Part of the PRA Rulebook and the Operational Continuity Part of the PRA Rulebook), the recovery plan required to be provided by a firm to the PRA under Undertakings in Difficulty 3.1(2);

(2) (in the Group Supervision Part of the PRA Rulebook), the recovery plan required to be provided by a relevant insurance group undertaking to the PRA under Group Supervision 4.4(2); and

(3) (in the Recovery Plans Part of the PRA Rulebook and the Operational Continuity Part of the PRA Rulebook) a recovery plan drawn up by a firm in accordance with Recovery Plans 2.

means the risk of loss, or of adverse change in the value of insurance obligations, resulting from changes in the expected time until the cessation of payments to those currently unable to work due to illness, injury or disability.

means the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (SI 2001/544).

This term is defined externally, please refer to:

FSMA s22

means an affiliated company which has a Part 4A permission.

a person who has a Part 4A permission to carry on the regulated activity of administering a benchmark.

means:

(1) an ICVC;

(2) an authorised unit trust scheme;

(3) an authorised contractual scheme; or

(4) a recognised scheme.

means:

1. (1) a credit institution;
2. (2) a Solvency II undertaking, a third country insurance undertaking, a third country reinsurance undertaking;
3. (3) an investment firm;
4. (4) an asset management company; or
5. (5) an alternative investment fund manager;
6. whether or not it is incorporated in, or has its head office in, the UK.