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means the excess of the value of the friendly society’s assets over the amount of its liabilities, that value and amount being determined in accordance with Friendly Society – Asset Valuation, Friendly Society – Liability Valuation and Friendly Society – Overall Resources and Guarantee Fund 8.
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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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has the meaning given in Article 1(41) or (42) of the Solvency II Regulations, as appropriate.
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has the meaning given in Allocation of Responsibilities 6.
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means the regulated activity, specified in article 37 of the Regulated Activities Order (Managing investments).
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means the regulated activity, specified in article 51ZA of the Regulated Activities Order (Managing a UCITS).
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(1) (except in the Solvency II Firms and Non-Solvency II Firms Sectors of the PRA Rulebook) means the risk that arises from fluctuations in values of, or income from assets, or in interest or exchange rates.
(2) (in the Solvency II Firms and Non-Solvency II Firms Sectors of the PRA Rulebook) means the risk of loss or of adverse change in the financial situation resulting, directly or indirectly, from fluctuations in the level and in the volatility of market prices of assets, liabilities and financial instruments.
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means all expenses, other than commission, incurred in the administration of a firm or its business.
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means the regulated activity, specified in article 25(2) of the Regulated Activities Order (Arranging deals in investments).
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means the adjustment to the relevant risk-free interest rate term structure to calculate the best estimate of a relevant portfolio of insurance or reinsurance obligations in accordance with:
- (1) the Matching Adjustment Part; and
- (2) [deleted]
- (3) [deleted]
- (4) relevant technical information published by the PRA in accordance with regulation 3(1) of the IRPR regulations.
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means outsourcing services of such importance that weakness, or failure, of the services would cast serious doubt upon the firm's continuing satisfaction of the threshold conditions or compliance with the Fundamental Rules.
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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.
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means a relevant portfolio of insurance or reinsurance obligations and the corresponding relevant portfolio of assets.
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means:
- (1) the conditions contained in regulation 4(3) to (9) and (11) of the IRPR regulations; and
- (2) the conditions contained in 2.2 to 2.4 (inclusive) of the Matching Adjustment Part.
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means the permission granted to a firm by the PRA pursuant to section 138BA of FSMA to apply a matching adjustment for the purposes of calculating the best estimate in relation to a relevant portfolio of insurance or reinsurance obligations.
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means an application by a firm for a matching adjustment permission.
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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 an obligation in any applicable laws, regulations or rules to declare or disclose information to the public.
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means the regulated activity, specified in article 51ZC of the Regulated Activities Order (Managing an AIF).