Schedule 6, Part 1D, paragraph 4A(6)

Paragraphs 4B to 4F have effect in relation to persons of the kind specified by sub-paragraph (5) as if— 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; the persons are not insurance undertakings; references to contracts of insurance are references to contracts for the assumption of risk; and references to C’s policyholders are references to undertakings from whom C assumes a risk.

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Source: legislation.gov.uk · retrieved 2026-09-04