PART II U.K. SPECIFIED ACTIVITIES

[F1 CHAPTER 3A U.K.Insurance risk transformation

Textual Amendments

F1 Pt. II Ch. 3A inserted (8.12.2017) by The Risk Transformation Regulations 2017 (S.I. 2017/1212), regs. 1(2), 5(3)

Transformer vehicles: insurance risk transformation U.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.]