1
Application and Definitions
1.1
Unless otherwise stated, this Part applies to:
- (1) a UK Solvency II firm;
- (2) in accordance with Insurance General Application 3, the Society, as modified by 12; and
- (3) in accordance with Insurance General Application 3, managing agents, as modified by 12.
- 01/01/2016
1.2
In this Part, the following definitions shall apply:
means a syndicate year closed by reinsurance to close, either into another syndicate year or into an insurer approved by the Council for that purpose.
means all risk exposures with a loss potential which is large enough to threaten the solvency or the financial position of a UK Solvency II firm.
[Note: Art. 13(35) of the Solvency II Directive]
means a member that is a body corporate or a Scottish Limited partnership.
means the risk that a firm is unable to realise investments and other assets in order to settle its financial obligations when they fall due.
[Note: Art. 13(34) of the Solvency II Directive]
- 31/12/2024