The Insurance and Reinsurance Undertakings (Prudential Requirements) (Transitional Provisions and Consequential Amendments) Regulations 2024
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Change 1
2 Interpretation
(1) In these Regulations— “insurance undertaking” has the meaning given in section 417(1) of FSMA 2000; “matching adjustment permission” has the meaning given in regulation 3(2); “PRA rules” means the rules made by the PRA under FSMA 2000, as they have effect from time to time; “regulation 42 approval” means an approval referred to regulation 3(1) as it has effect immediately before 30th June 2024; “reinsurance undertaking” has the meaning given in section 417(1) of FSMA 2000. (2) Any other term used in these Regulations which is used in PRA rules applicable to insurance and reinsurance undertakings has the same meaning as in those rules.
2 Interpretation
(1) In these Regulations— “insurance undertaking” has the meaning given in section 417(1) of FSMA 2000; “matching adjustment permission” has the meaning given in regulation 3(2); “PRA rules” means the rules made by the PRA under FSMA 2000, as they have effect from time to time; “regulation 42 approval” means an approval referred to regulation 3(1) as it has effect immediately before 30th June 2024; “reinsurance undertaking” has the meaning given in section 417(1) of FSMA 2000. (2) Any other term used in these Regulations which is used in PRA rules applicable to insurance and reinsurance undertakings has the same meaning as in those rules.
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