Insurance Special Purpose Vehicles
Application provision
1.1 The changes to this rule are effective from 23:00 on 31/12/2020.
Unless otherwise stated, this Part applies to a UK ISPV.
1
Application and Definitions
1.1
31/12/2020
The changes to this rule are effective from 23:00 on 31/12/2020.
Unless otherwise stated, this Part applies to a UK ISPV.
1.2
31/12/2020
The changes to this rule are effective from 23:00 on 31/12/2020.
In this Part, the following definitions shall apply:
assumption of risk notification
means a notification by a UK protected cell company of the assumption of a risk required under regulation 60 of the Risk Transformation Regulations.
has the meaning given in regulation 3 of the Risk Transformation Regulations.
group of cells notification form
means the form in rule 6.2.
inter-cell arrangement notification
means a notification by a UK protected cell company of:
- (1) the creation of an arrangement within a group of cells, as required by regulation 69 of the Risk Transformation Regulations; or
- (2) the amendment or cancellation of an arrangement within a group of cells, as required by regulation 70 of the Risk Transformation Regulations.
MISPV new risk assumption notification form
means the form in 6.1.
multi-arrangement special purpose vehicle
has the meaning given in Article 2 of the Commission Implementing Regulation (EU) 2015/462.
Risk Transformation Regulations
means the Risk Transformation Regulations 2017 (2017/1212).
means a protected cell company formed under the Risk Transformation Regulations.
2
General Provisions
2.1
31/12/2020
The changes to this rule are effective from 23:00 on 31/12/2020.
A UK ISPV must ensure that at all times:
- (1) it is fully funded; and
- (2) if it is a multi-arrangement special purpose vehicle, each group of cells (if any) is fully funded.
3
[Deleted.]
3.1
08/12/2017
[deleted]
3.1A
31/12/2020
The changes to this rule are effective from 23:00 on 31/12/2020.
[deleted.]
4
Multi-arrangement Special Purpose Vehicles
4.1
31/12/2020
The changes to this rule are effective from 23:00 on 31/12/2020.
This Chapter only applies to a multi-arrangement special purpose vehicle.
4.2
31/12/2020
The changes to this rule are effective from 23:00 on 31/12/2020.
A multi-arrangement special purpose vehicle must be a UK protected cell company.
4.3
08/12/2017
An assumption of risk notification must be submitted using the MISPV new risk assumption notification form.
4.4
08/12/2017
An inter-cell arrangement notification must be submitted using the group of cells notification form.
5
Restriction of Activities
5.1
08/12/2017
A UK ISPV must not engage in any activities other than insurance risk transformation and activities directly arising from insurance risk transformation.
6
Forms
6.1
26/05/2020
The MISPV new risk assumption notification form can be found here.
6.2
19/01/2019
The group of cells notification form can be found here.