Paragraph 10 Reinsurance contractsF1

(1)

This paragraph applies where—

(a)

the liability is a liability under a contract of insurance the insurer carries out as principal (“contract A”), and

(b)

the insurer enters into a reinsurance contract under which contract A, or any liability under contract A, is reinsured (“contract B”).

(2)

In determining the value of the liability for the purposes of contract B, no account is to be taken of the reduction in value of the liability under the write-down order.

Annotations

Textual amendments

F1: Sch. 19B inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(e), Sch. 12 para. 3