1
Application and Definitions
1.1
The changes to this rule are effective from 23:00 on 31/12/2020.
Unless otherwise stated, this Part applies to:
- (1) a UK Solvency II firm; and
- (2) in accordance with 5, third country branch undertakings except:
- (a) Swiss general insurers; and
- (b) SRO insurers.
- 31/12/2020
1.2
In this Part, the following definitions shall apply:
means a transaction (when aggregated with any similar transactions) in which:
- (1) the price actually paid or received for the transfer of assets or liabilities or the performance of services; or
- (2) the price which would have been paid or received had that transaction been negotiated at arm's length between unconnected parties;
- exceeds:
- (a) in the case of a firm which carries on long-term insurance business, but not general insurance business, the sum of €20,000 and 5% of the firm's liabilities arising from its long-term insurance business, excluding linked long-term liabilities and net of reinsurance ceded; or
- (b) in the case of a firm which carries on general insurance business, but not long-term insurance business, the sum of €20,000 and 5% of the firm's liabilities arising from its general insurance business, net of reinsurance ceded; or
- (c) in the case of a firm which carries on both long-term insurance business and general insurance business:
- (i) where the transaction is in connection with the firm's long-term insurance business, the sum of €20,000 and 5% of the firm's liabilities arising from its long-term insurance business, excluding linked long-term liabilities and net of reinsurance ceded; and
- (ii) in all other cases, the sum of €20,000 and 5% of the firm's liabilities arising from its general insurance business, net of reinsurance ceded.
- and
- (d) in the case of third country branch undertakings, a reference to the “firm’s liabilities” is to be interpreted as a reference only to the liabilities relevant to the operations effected by the third country branch.
means a scheme which:
- 01/01/2016