Glossary

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Term Definition Legal instruments

captive insurer

31/12/2020

THIS DEFINITION ONLY APPLIES TO THE MINIMUM CAPITAL REQUIREMENT PART

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

means a UK Solvency II firm owned by:

(1) a financial undertaking other than a UK Solvency II firm; or

(2) a group of UK Solvency II firms; or

(3) a non-financial undertaking;

the purpose of which is to provide insurance cover exclusively for the risks of the undertaking or undertakings to which it belongs, or of an undertaking, or undertakings, of the group of which that UK Solvency II firm is a member.

Additional Notes

[Note: Art. 13(2) of the Solvency II Directive]