Term
Definition
Letter: A
actuarial body
the Institute of Actuaries or theFaculty of Actuaries.
- 01/12/2004
actuarial function
controlled function
CF12 in the
table of controlled functions, described more fully in SUP 4.3.13 R and
SUP 10.7.17 R
.
- 31/12/2004
actuarial health insurance
(in PRU) (in the context of the rules in PRU 7.2 concerning the calculation of the general insurance capital requirement), health insurance which meets all the conditions set out in PRU 7.2.72 R.
- 31/12/2005
actuarial investigation
an investigation to which IPRU-INS rule 9.4 applies.
- 31/12/2004
actuarial valuation date
(in PRU) the date as at which the mathematical reserves are calculated.
- 31/12/2004
ancillary insurance services undertaking
(in relation to any undertaking in a consolidation group, sub-group or other group of persons) an undertaking complying with the following conditions:
(a) its principal activity consists of:
(i) owning or managing property; or
(ii) managing data-processing services; or
(iii) any other similar activity;
(b) the activity in (a) is ancillary to the principal activity of one or more insurance undertakings;
(c) those insurance undertakings are also members of that consolidation group, sub-group or other group of persons; and
(d) (for the purpose of PRU 8.4 (Cross sector groups), PRU 8.5 (Third country groups), PRU 8 Ann 1R G (Capital adequacy calculations for financial conglomerates) and PRU 8 Ann 2R (Prudential rules for third country groups) it is not an ancillary banking services undertaking.
- 01/12/2004
approved reinsurance to close
(a) a reinsurance to close effected before 1 January 2005; or
(b) an agreement under which members of a syndicate in one syndicate year ("the reinsured members") agree with the members of that syndicate in a later syndicate year or the members of another
syndicate ("the reinsuring members") that the reinsuring members will discharge, or procure the discharge of, or indemnify the reinsured members against, all known and unknown insurance business liabilities of the reinsured members arising out of the insurance business carried on by the reinsured members in that syndicate year that is:
(i) effected after 1 January 2005; and
(ii) not a balance transfer between two syndicate years where the syndicate has only one member and the member is the same in each of those years.
- 01/01/2005
arranging deals in contracts of insurance written at Lloyd's
the regulated activity, specified in article 58 of the Regulated Activities Order (Arranging deals in contracts of insurance written at Lloyd's), carried on by the Society of Lloyd's of arranging deals in contracts of insurance written at Lloyd's.
- 01/12/2004
assisting in the administration and performance of a contract of insurance
the regulated activity, specified in article 39A of the Regulated Activities Order (Assisting in the administration and performance of a contract of insurance) of assisting in the administration and performance of a contract of insurance.
- 01/12/2004