Glossary

means in the case of:

1. a firm which is a company, the applicable accounting requirements for the company concerned specified in Part 15 of the Companies Act 2006 or in any provision made under that Act;
2. an overseas firm, the accounting requirements as would be applicable if that firm was a company with its registered or head office in the UK; or
3. any other firm, the applicable accounting requirements for the type of firm concerned as specified in any relevant legislation;

and for this purpose ‘accounting requirements’ means accounting requirements for the purposes of external financial reporting and ‘company’ has the same meaning as in section 1(1) of the Companies Act 2006.

(1) in relation to a company incorporated in the UK under the Companies Acts, means the accounting reference date of that company determined in accordance with section 391 of the Companies Act 2006; and
(2) in relation to any other body, means the last day of its financial year.

means Council Directives 2013/34/EC, 91/674/EEC and 83/349/EEC.

means the Friendly Society (Accounts and Related Provisions) Regulations 1994.

means a with-profits policy which has a readily identifiable current benefit, whether or not this benefit is currently realisable, which is adjusted by an amount explicitly related to the amount of any premium payment and to which additional benefits are added in respect of participation in profits by additions directly related to the current benefit, or a policy with similar characteristics.

means the Institute and Faculty of Actuaries.

means health insurance which meets all the conditions set out in Insurance Company – Capital Resources Requirements 13.1.

means an investigation to which Insurance Company – Reporting 5.8 – 5.12 applies.

means the date as which the mathematical reserves are calculated.

means a fellow of an actuarial body or (in connection with general insurance business) a Fellow of the Casualty Actuarial Society who is a member of an actuarial body.

means the regulated activity specified in article 63S of the Regulated Activities Order.

(1) (in relation to an insurer which is not a pure reinsurer) has the meaning in Insurance Company – Capital Resources 13; or

(2) (in relation to a pure reinsurer) means an asset the holding of which is consistent with compliance by the firm with Insurance Company – Risk Management 5.

means the process by which the exchange permits members of the exchange to enter into transactions in that investment under and subject to the rules of the exchange.

means the regulated activity, specified in article 53 of the Regulated Activities Order (Advising on investments).

means advising on investments in respect of pension transfers and pension opt-outs.

has the meaning given in regulation 2(1) of The Insurers (Reorganisation and Winding Up) (Lloyd’s) Regulations 2005 (2005/1998).

means (in relation to a person) an undertaking in the same group as that person.

means the regulated activity, specified in article 64 of the Regulated Activities Order (Agreeing to carry on specified kinds of activity).

means an alternative investment fund.