The Insurance Companies (Amendment No. 2) Regulations 1994

Interpretation: Part VIII

7.—(1) Regulation 44 of the 1994 Regulations (interpretation: Part VIII) shall be amended as follows.

(2) In paragraph (1), in the definition of “approved securities”, after the words “debentures issued” in sub-paragraph (c) insert “prior to 31st December 1994”.

(3) In paragraph (1), in the definition of “listed”, for the words “a member State” substitute “an EEA State”.

(4) In paragraph (1), omit the definition of “regulated subordinated debt”.

(5) In paragraph (1), after the definition of “stock lending transaction” insert—

““subordinated debt” means any debt which, on a winding up of the debtor, ranks for payment after the claims of general creditors and is not to be repaid until the claims of all the general creditors outstanding at the time have been settled;”.

(6) In paragraph (3)(b), after the words “an approved credit institution” insert “and the amount of the guarantee when added to the aggregate exposure (as defined in regulation 57(3)) to the approved credit institution does not exceed the maximum admissible value prescribed by regulation 57 of, and Schedule 12 to, these Regulations”.