[F1PART 2U.K.Prudential requirements]

Textual Amendments

[F2Chapter 1U.K.Matching adjustment]

Textual Amendments

[F3Interpretation of Chapter 1]U.K.

2.—(1) [F4In 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 [F5in this Chapter] which is used in PRA rules applicable to insurance and reinsurance undertakings has the same meaning as in those rules.

Textual Amendments

Commencement Information

I1Reg. 2 in force at 7.4.2024 for specified purposes, see reg. 1(2)

I2Reg. 2 in force at 30.6.2024 in so far as not already in force, see reg. 1(2)

(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).