Glossary

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Term Definition Legal instruments

ancillary own funds

31/12/2020

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

(1) (in relation to a UK Solvency II firm and Lloyd’s) has the meaning given in Own Funds 2.3 and are determined in accordance with Own Funds 2.3 to 2.7; or

(2) (in relation to an insurance holding company) means an own funds item referred to in Article 89 of the Solvency II Directive, determined in accordance with (1) as if it were a UK Solvency II firm; or

(3) (in relation to a third country branch undertaking) means an own funds item referred to in Article 89 of the Solvency II Directive, determined in accordance with (1) as if it were a UK Solvency II firm.

Additional Notes

[Note: Art. 89 of the Solvency II Directive]