Part

Insurance Special Purpose Vehicles

Printed on: 16/06/2025

Rulebook at: 14/11/2023

Related links

SS10/18 – Securitisation: General requirements and capital framework https://www.prarulebook.co.uk/guidance/supervisory-statements/ss10-18---securitisation-general-requirements-and-capital-framework/14-11-2023
SS2/19 – PRA approach to interpreting reporting and disclosure requirements and regulatory transactions forms after the UK’s withdrawal from the EU https://www.prarulebook.co.uk/guidance/supervisory-statements/ss02-19-pra-approach-to-interpreting-reporting-and-disclosure-requirements/14-11-2023
PS2/15 - Solvency II: A new regime for insurers https://www.bankofengland.co.uk/prudential-regulation/publication/2015/solvency-2-a-new-regime-for-insurers
PS26/17 - Authorisation and supervision of insurance special purpose vehicles https://www.bankofengland.co.uk/prudential-regulation/publication/2016/authorisation-and-supervision-of-insurance-special-purpose-vehicles
PS2/19 - Regulatory transactions: changes to notification and application forms https://www.bankofengland.co.uk/prudential-regulation/publication/2018/regulatory-transactions-changes-to-notification-and-application-forms
PS13/20 - Insurance special purpose vehicles: Updates to authorisation and supervision https://www.bankofengland.co.uk/prudential-regulation/publication/2019/ispvs-updates-to-authorisation-and-supervision
PS30/20 - The Bank of England’s amendments under the European Union (Withdrawal) Act 2018: Changes before the end of the transition period https://www.bankofengland.co.uk/prudential-regulation/publication/2020/uk-withdrawal-from-the-eu-changes-before-the-end-of-the-transition-period
Legislation.gov.uk http://www.legislation.gov.uk/
Eur-Lex http://eur-lex.europa.eu/en/index.htm

Chapters

  • 1 Application and Definitions
  • 2 General Provisions
  • 3 UK ISPVs with Part 4A Permission (Deleted)
  • 4 Multi-arrangement Special Purpose Vehicles
  • 5 Restriction of Activities
  • 6 Forms

1

Application and Definitions

1.1

Unless otherwise stated, this Part applies to a UK ISPV.

  • 31/12/2020

1.2

In this Part, the following definitions shall apply:

assumption of risk notification

means a notification by a UK protected cell company of the assumption of a risk required under regulation 60 of the Risk Transformation Regulations.

group of cells

has the meaning given in regulation 3 of the Risk Transformation Regulations.

group of cells notification form

means the form in rule 6.2.

inter-cell arrangement notification

means a notification by a UK protected cell company of:

    1. (1) the creation of an arrangement within a group of cells, as required by regulation 69 of the Risk Transformation Regulations; or
    2. (2) the amendment or cancellation of an arrangement within a group of cells, as required by regulation 70 of the Risk Transformation Regulations.

MISPV new risk assumption notification form

means the form in 6.1.

multi-arrangement special purpose vehicle

has the meaning given in Article 2 of the Commission Implementing Regulation (EU) 2015/462.

Risk Transformation Regulations

means the Risk Transformation Regulations 2017 (2017/1212).

UK protected cell company

means a protected cell company formed under the Risk Transformation Regulations.

  • 31/12/2020

2

General Provisions

2.1

A UK ISPV must ensure that at all times:

  1. (1) it is fully funded; and
  2. (2) if it is a multi-arrangement special purpose vehicle, each group of cells (if any) is fully funded.
  • 31/12/2020

3

UK ISPVs with Part 4A Permission (Deleted)

3.1

[Deleted.]

  • 08/12/2017

3.1A

[Deleted.]

  • 31/12/2020

4

Multi-arrangement Special Purpose Vehicles

4.1

This Chapter only applies to a multi-arrangement special purpose vehicle.

  • 31/12/2020

4.2

A multi-arrangement special purpose vehicle must be a UK protected cell company.

  • 31/12/2020

4.3

An assumption of risk notification must be submitted using the MISPV new risk assumption notification form.

  • 08/12/2017

4.4

An inter-cell arrangement notification must be submitted using the group of cells notification form.

  • 08/12/2017

5

Restriction of Activities

5.1

A UK ISPV must not engage in any activities other than insurance risk transformation and activities directly arising from insurance risk transformation.

  • 08/12/2017