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the provision made by an insurer to cover liabilities (excluding liabilities which have fallen due and liabilities arising from deposit back arrangements) arising under or in connection with contracts of long-term insurance.
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means the minimum capital requirement (which is calibrated to the value-at-risk of a firm’s basic own funds subject to a confidence level of 85% over a one-year period) calculated in accordance with the Minimum Capital Requirement Part.
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means an insurance obligation that covers the provision or financial compensation referred to in (1) of the definition of health insurance obligation.
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means a reinsurance obligation which arises from accepted reinsurance covering medical expense insurance obligations.
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means the method for calculating group solvency described in Group Supervision 11.1.
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means the method for calculating group solvency described in Group Supervision 11.2.
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means investment services and activities and, where relevant, ancillary services carried on by a MiFID investment firm.
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means Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (recast).
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The changes to this defined term are effective from 23:00 on 31/12/2020.
has the meaning given in paragraph 2.1A of MiFIR.
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means Regulation (EU) No 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Regulation (EU) No 648/2012.
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means an amount calculated in accordance with Friendly Society - Overall Resources and Guarantee Fund 6 for long-term insurance business and Friendly Society - Overall Resources and Guarantee Fund 7 for general insurance business, whether the required margin of solvency is greater or less than that amount.
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The changes to this defined term are effective from 23:00 on 31/12/2020.
means a parent undertaking other than a regulated entity, which together with its subsidiaries, at least one of which is a regulated entity which has its head office in the UK, and other entities constitutes a financial conglomerate.
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has the meaning given in point (22) of Article 4(1) of the CRR.
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means, in respect of a firm or group where part or all of its SCR (or group SCR, as appropriate) is calculated using an internal model, a capital adjustment calibrated and applied in the internal model which contributes to the calculation of its SCR (or group SCR, as appropriate), and that is intended to ensure that it complies with Solvency Capital Requirement – General Provisions 3.3 and 3.4, whether directly or by application of Group Supervision 11.2.
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means the Commission Delegated Regulation (EU) 2017/565 of 25 April 2016 supplementing MiFID II of the European Parliament and of the Council as regards organisational requirements and operating conditions for investment firms and defined terms for the purposes of that Directive.
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means any form of money, including cheques and other payable orders.
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means those classes of financial instruments which are normally dealt in on the money market, such as treasury bills, certificates of deposit and commercial papers and excluding instruments of payment.
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This term is defined externally, please refer to:
Schedule 1, Interpretation Act 1978
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means the risk of loss, or of adverse change, in the value of insurance obligations, resulting from changes in the level, trend or volatility of mortality rates, where an increase in the mortality rate leads to an increase in the value of insurance obligations.