1
Application and Definitions
1.1
Unless otherwise stated, this Part applies to a non-directive insurer.
- 01/01/2016
1.2
In this Part, the following definitions shall apply:
has the meaning given in section 4F(3) of Schedule 6 to FSMA.
means a transaction (or a series of similar transactions in aggregate) in which:
- (1) the price actually paid or received for the transfer of assets or liabilities or the performance of services; or
- (2) the price which would have been paid or received had that transaction been negotiated at arm's length between unconnected parties;
- exceeds:
- (a) in the case of a firm which carries on long-term insurance business, but not general insurance business, the sum of €20,000 and 5% of the firm's liabilities arising from its long-term insurance business, excluding linked long-term liabilities and net of reinsurance ceded; or
- (b) in the case of a firm which carries on general insurance business, but not long-term insurance business, the sum of €20,000 and 5% of the firm's liabilities arising from its general insurance business, net of reinsurance ceded; or
- (c) in the case of a firm which carries on both long-term insurance business and general insurance business:
- (i) where the transaction is in connection with the firm's long-term insurance business, the sum of €20,000 and 5% of the firm's liabilities arising from its long-term insurance business, excluding linked long-term liabilities and net of reinsurance ceded; and
- (ii) in all other cases, the sum of €20,000 and 5% of the firm's liabilities arising from its general insurance business, net of reinsurance ceded.
means a scheme which:
- 01/01/2016