management expenses
- (1) (except in PRU ) (in accordance with section 223 of the Act (Management expenses)) expenses incurred or expected to be incurred by the FSCS in connection with its function under COMP, other than compensation costs; for the purposes of COMP these are subdivided into base costs, specific costs and establishment costs.24
- (2) (in PRU ) in relation to long-term insurance business, means all expenses, other than commission, incurred in the administration of an insurer or its business.24