Paragraph 4A (introduction to Part 1D)
This section has no associated Explanatory Memorandum
100. In paragraph 4A(6)(1)—
(a)for paragraph (a) substitute—
“(a)the persons are undertakings, whether incorporated or not, other than an existing insurance or reinsurance undertaking, which assume risks from insurance or reinsurance undertakings and which fully fund their exposure to such risks through the proceeds of a debt issuance or any other financing mechanism where the repayment rights of the providers of such debt or financing mechanism are subordinated to the reinsurance obligations of such an undertaking;”;
(b)for paragraph (b) substitute—
“(b)the persons are not insurance undertakings;”.
(1)
Paragraph 4A(6) was inserted by S.I. 2017/1212.