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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

group of cells

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. (1) the creation of an arrangement within a group of cells, as required by regulation 69 of the Risk Transformation Regulations; or
    2. (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).

UK protected cell company

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. (1) it is fully funded; and
  2. (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.

multi-arrangement special purpose vehicle must be a UK protected cell company.

4.3

08/12/2017

4.4

08/12/2017

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

6.2

19/01/2019