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Term Definition Legal instruments

amount of claims paid

01/01/2016

THIS DEFINITION ONLY APPLIES TO THE FRIENDLY SOCIETY – REQUIRED MARGIN PART

means, in relation to a financial year, the amount that is recorded in the firm’s books at the end of the financial year as paid by it (whether or not payment has been effected in that year) in full or partial settlement of:

(1) claims including claims relating to business accounted for over a longer period than a financial year; and

(2) expenses (including legal or medical costs) which are incurred by the firm, whether through the employment of its own staff or otherwise, and are directly attributable to the settlement of individual claims, whether or not the individual claims in question are those mentioned in (1),

less any amounts recoverable by the firm in respect of the claims mentioned in (1) or other claims, including amounts recoverable from third parties and amounts recoverable from other insurance undertakings but excluding amounts recoverable in respect of reinsurance ceded by the firm.