The Insurance and Reinsurance Undertakings (Prudential Requirements) Regulations 2023 No. 1347

[F1 PART 2 U.K. Prudential requirements]

Textual Amendments

F1 Pt. 2 heading inserted (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(3)

[F2 CHAPTER 2 U.K. Risk margin

Textual Amendments

F2 Pt. 2 Ch. 2 inserted (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(5)

Interpretation of Chapter 2 U.K.

7A.— (1) In this Chapter—

“insurance undertaking” has the same meaning as in section 417(1) of FSMA 2000(1);

“PRA rules” means the rules made by the PRA under FSMA 2000 as they have effect from time to time;

“reinsurance undertaking” has the same meaning as in section 417(1) of FSMA 2000.

(2) Any other term used in this Chapter which is used in PRA rules applicable to insurance and reinsurance undertakings has the same meaning as in those rules.]

(1)

1998 c. 11. Schedule 6A was inserted by section 13 of and Schedule 1 to the Bank of England and Financial Services Act 2016 (c. 14).