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  1. Point in time
    2007-12-06

insurance special purpose vehicle

    48an undertaking, other than an insurance undertaking or reinsurance undertaking which has received an official authorisation in accordance with article 6 of the First Non-Life Directive, article 4 of the Consolidated Life Directive or article 3 of the Reinsurance Directive:

      1. (a) which assumes risks from such insurance undertakings or reinsurance undertakings; and
      1. (b) which fully funds its exposures to such risks through the proceeds of a debt issuance or some other financing mechanism where the repayment rights of the providers of such debt or other financing mechanism are subordinated to the undertaking's reinsurance obligations.