permitted derivatives contract

in relation to permitted links, a contract involving a derivative or quasi-derivative that:

1. (a) (for a Solvency II firm) satisfies COBS 21.3.13 R to COBS 21.3.14 G, as applied in relation to assets covering liabilities in respect of linked long-term contracts of insurance; and
2. (b) (for an insurer which is not a Solvency II firm) satisfies INSPRU 3.2.5 R to INSPRU 3.2.35A G with the exception of INSPRU 3.2.18 R, as applied in relation to assets covering liabilities in respect of linked long-term contracts of insurance.