PART II SPECIFIED ACTIVITIES

F1CHAPTER 3AInsurance risk transformation

Annotations:
Amendments (Textual)

Transformer vehicles: insurance risk transformation13A

It is a specified kind of activity for a transformer vehicle to assume a risk from an undertaking where—

a

the undertaking assumes a risk under a contract of insurance (“the underlying risk”); and

b

the assumption of risk by the transformer vehicle has the legal or economic effect of transferring some or all of the underlying risk to the transformer vehicle.