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The Insurance and Reinsurance Undertakings (Prudential Requirements) Regulations 2023
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[F1Interpretation of Chapter 1]U.K.
This section has no associated Explanatory Memorandum
2.—(1) [F2In this Chapter] —
“assigned portfolio of assets” means the portfolio referred to in regulation 4(3);
“credit rating” means a credit rating defined in Article 3(1) of Regulation (EC) No 1060/2009 of the European Parliament and of the Council of 16 September 2009 on credit rating agencies(1) issued or endorsed by a credit rating agency in accordance with Article 4 of that Regulation;
“credit rating agency” means a credit rating agency registered by the FCA in accordance with Regulation (EC) No 1060/2009 of the European Parliament and of the Council of 16 September 2009 on credit rating agencies or certified by the FCA in accordance with Article 5 of that Regulation;
“insurance undertaking” means an insurance undertaking, as defined in section 417(1) of FSMA 2000(2), in relation to which PRA rules provide for the calculation of a best estimate of future cash flows using the relevant risk-free interest rate term structure;
“PRA-authorised person” has the meaning given in section 2B(5) of FSMA 2000(3);
“PRA rules” means the rules made by the PRA under FSMA 2000, as they have effect from time to time;
“reinsurance undertaking” means a reinsurance undertaking, as defined in section 417(1) of FSMA 2000, in relation to which PRA rules provide for the calculation of a best estimate of future cash flows using the relevant risk-free interest rate term structure.
(2) Any other term used [F3in this Chapter] which is used in PRA rules applicable to insurance and reinsurance undertakings has the same meaning as in those rules.
Textual Amendments
F1Reg. 2 heading substituted (1.11.2024 for specified purposes and 31.12.20204 otherwise) by The Insurance and Reinsurance Undertakings (Prudential Requirements) (Amendment and Miscellaneous Provisions) Regulations 2024 (S.I. 2024/1083), regs. 1(2), 2(4)(a)
F2Words in reg. 2(1) substituted (1.11.2024 for specified purposes and 31.12.20204 otherwise) by The Insurance and Reinsurance Undertakings (Prudential Requirements) (Amendment and Miscellaneous Provisions) Regulations 2024 (S.I. 2024/1083), regs. 1(2), 2(4)(b)
F3Words in reg. 2(2) substituted (1.11.2024 for specified purposes and 31.12.20204 otherwise) by The Insurance and Reinsurance Undertakings (Prudential Requirements) (Amendment and Miscellaneous Provisions) Regulations 2024 (S.I. 2024/1083), regs. 1(2), 2(4)(c)
Commencement Information
(1)
EUR 1060/2009. Articles 4 and 5 were amended by S.I. 2019/266, 2020/628, 1055 and 1301.
(2)
2000 c. 8. The definitions of “insurance undertaking” and “reinsurance undertaking” in section 417(1) were inserted by S.I. 2015/575 and substituted by S.I. 2019/632.
(3)
Section 2B was substituted by section 6 of the Financial Services Act 2012 (c. 21).
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