Glossary

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Term Definition Legal instruments

captive reinsurer

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 that is a pure reinsurer 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 reinsurance 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 pure reinsurer is a member.

Additional Notes

[Note: Art.13(5) of the Solvency II Directive]