Glossary (r 1.1.2) means the Accounting and Auditing Organisation for Islamic AAOIFI Financial Institutions. means the controlled function described in CTRL, actuarial function rule 3.1.11. for an insurer means an individual approved by the approved actuary Regulatory Authority to exercise the actuarial function for the insurer. has the meaning given in rule A3.2.1. asset risk component means an authorisation granted under FSR, Part 5. authorisation (or means a person that has been granted an authorised firm firm) authorisation in accordance with FSR, Part 5. means the regulated activity carrying out a contract of insurance described in the Schedule 3, Part 2, Financial Services Regulations, paragraph 3. is defined in this glossary. Note Regulated activity of contracts of insurance means a category of such contracts category described in FSR, Schedule 3, Part 3, paragraph 10. means the described in FSR, contract of insurance specified product Schedule 3, Part 3, paragraph 10. means a person with whom an insurer conducts, or counterparty intends to conduct, insurance or associated business. means the CTRL Governance and Controlled Functions Rules 2012. means the regulated activity effecting a contract of insurance described in the Schedule 3, Part 2, Financial Services Regulations, paragraph 2. has the meaning given by rule 4.2.1. eligible capital includes: equity investment (a) an equity share; (b) participation in a (whether or not collective investment scheme the underlying investments are themselves equity investments); (c) participation in a joint venture; and (d) a certificate of or mudaraba musharaka. means an unusual high-impact or catastrophic event the extreme event occurrence of which could have a significant effect on an insurer’s solvency.
Glossary (r 1.1.2) AAOIFI means the Accounting and Auditing Organisation for Islamic Financial Institutions. actuarial function means the controlled function described in CTRL, rule 3.1.11. approved actuary for an insurer means an individual approved by the Regulatory Authority to exercise the actuarial function for the insurer. asset risk component has the meaning given in rule A3.2.1. authorisation means an authorisation granted under FSR, Part 5. authorised firm (or firm) means a person that has been granted an authorisation in accordance with FSR, Part 5. carrying out a contract of insurance means the regulated activity described in the Financial Services Regulations, Schedule 3, Part 2, paragraph 3. Note Regulated activity is defined in this glossary. category of contracts of insurance means a category of such contracts described in FSR, Schedule 3, Part 3, paragraph 10. contract of insurance means the specified product described in FSR, Schedule 3, Part 3, paragraph 10. counterparty means a person with whom an insurer conducts, or intends to conduct, insurance or associated business. CTRL means the Governance and Controlled Functions Rules 2012. effecting a contract of insurance means the regulated activity described in the Financial Services Regulations, Schedule 3, Part 2, paragraph 2. eligible capital has the meaning given by rule 4.2.1. equity investment includes: (a) an equity share; (b) participation in a collective investment scheme (whether or not the underlying investments are themselves equity investments); (c) participation in a joint venture; and (d) a certificate of mudaraba or musharaka. extreme event means an unusual high-impact or catastrophic event the occurrence of which could have a significant effect on an insurer’s solvency.
QFCRA_4538_VER15.docx