[F1Transformer vehicles: insurance risk transformationU.K.
13A. 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.]
Textual Amendments
F1Pt. II Ch. 3A inserted (8.12.2017) by The Risk Transformation Regulations 2017 (S.I. 2017/1212), regs. 1(2), 5(3)