insurance special purpose vehicle
- (a) which assumes risks from such insurance undertakings or reinsurance undertakings; and
- (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.
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: