The Insurance and Reinsurance Undertakings (Prudential Requirements) Regulations 2023
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Change 1
16 Restatement of decisions
(1) The following overseas jurisdictions are to be treated as designated under regulation 11 in relation to regulations 12, 13 and 14— (a) Bermuda; (b) each EEA State; (c) Switzerland. (2) The following overseas jurisdictions are to be treated as designated under regulation 11 for the purposes of regulation 13— (a) Australia; (b) Brazil; (c) Canada; (d) Japan; (e) Mexico; (f) the United States of America. (3) In relation to Bermuda’s designation pursuant to paragraph (1)(a)— (a) for the purposes of regulation 12, the term “overseas reinsurance undertaking” does not include a captive insurer, and (b) for the purposes of regulations 13 and 14, the term “insurance group” does not include an insurance group containing a captive insurer. (4) In paragraph (3), “captive insurer” means an undertaking (“A”) the purpose of which is to provide insurance cover exclusively or mainly for the risks of its parent undertaking, or of an undertaking belonging to the insurance group of which A is a member.
16 Restatement of decisions
(1) The following overseas jurisdictions are to be treated as designated under regulation 11 in relation to regulations 12, 13 and 14— (a) Bermuda; (b) each EEA State; (c) Switzerland. (2) The following overseas jurisdictions are to be treated as designated under regulation 11 for the purposes of regulation 13— (a) Australia; (b) Brazil; (c) Canada; (d) Japan; (e) Mexico; (f) the United States of America. (3) In relation to Bermuda’s designation pursuant to paragraph (1)(a)— (a) for the purposes of regulation 12, the term “overseas reinsurance undertaking” does not include a captive insurer, and (b) for the purposes of regulations 13 and 14, the term “insurance group” does not include an insurance group containing a captive insurer. (4) In paragraph (3), “captive insurer” means an undertaking (“A”) the purpose of which is to provide insurance cover exclusively or mainly for the risks of its parent undertaking, or of an undertaking belonging to the insurance group of which A is a member.
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