Glossary

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.

means a permanent presence in the UK of a third country insurance undertaking that has a permission to effect contracts of insurance or carry out contracts of insurance (except an undertaking which pursues only the business of reinsurance in the UK).

[Note: Art. 162(3) of the Solvency II Directive]

means an undertaking that pursues only the business of reinsurance and has its head office outside the UK and if its head office were situated in the UK would:

1. (1) need Part 4A permission; and
2. (2) satisfy the conditions set out in Insurance General Application 2.2.

means a permanent presence in the UK of a third country insurance undertaking or third country reinsurance undertaking, that has a permission to effect contracts of insurance or carry out contracts of insurance and which pursues only the business of reinsurance in the UK.

[Note: Art. 162(3) of the Solvency II Directive]

means an undertaking that has its head office outside the UK and if its head office were situated in the UK would:

1. (1) need Part 4A permission; and
2. (2) satisfy the conditions set out in Insurance General Application 2.2.

means a third country insurance branch or 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]

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

a firm which would be a MiFID investment firm if it had its head office in the UK.

This defined term is effective from 23:00 on 31/12/2020.

means a third country insurance undertaking that has a permission to effect contracts of insurance or carry out contracts of insurance in the UK and does not have a permanent presence in the UK.

has the meaning given in Article 2(1)(2) of CSDR.

means a territory or country other than the United Kingdom.

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

means an overseas firm.