Glossary

(1) (in the Solvency II Firms Sector) means the technical provisions established in accordance with Technical Provisions 2.1;

(2) (in the Non-Solvency II Firms Sector) means a technical provision established:

(a) for general insurance business, in accordance with Insurance Company - Technical Provisions 2.1; and

(b) for long-term insurance business, in accordance with Insurance Company - Technical Provisions 2.2.

means that part of an eligible deposit in excess of the coverage level set out in Depositor Protection 4.2 which meets the additional criteria set out in Depositor Protection 10.2.

[Note: Art. 2(1)(6) of the DGSD]

means the transfer to temporary public ownership in accordance with section 13 of the Banking Act 2009.

means:

1. (1) in Senior Management Functions, the individual referred to in 2.3(1);
2. (2) in Insurance – Senior Management Functions, the individual referred to in 2.4(1);
3. (3) in Large Non-Solvency II Firms – Senior Management Functions, the individual referred to in 2.4(1); and
4. (4) in Non-Solvency II Firms – Senior Management Functions, the individual referred to in 2.3(1).

This term is defined externally, please refer to:

s1(2) Interpretation Act 1978

This term is defined externally, please refer to:

Section 417 Financial Services and Markets Act 2000

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

means a territory or country other than the United Kingdom.

means a third country insurance branch or a third country pure reinsurance branch.

means:

(1) a third country insurance undertaking that has a third country insurance branch; or

(2) a third country insurance undertaking or third country reinsurance undertaking that has a third country pure reinsurance branch.

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

means an overseas firm that would be a CRR firm if it had been a UK undertaking, had carried on all of its business in the UK and had obtained whatever authorisations for doing so as are required under FSMA.

[Note: Section 425(1)(a) FSMA]

has the meaning given in regulation 7 of the Financial Conglomerates Regulations.

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

means an overseas firm.