FSA consults on insurance special purpose vehicles
The Financial Services Authority is today consulting on rules to introduce to the UK, a new fit-for-purpose regime for Insurance Special Purpose Vehicles. The proposals form part of a wider consultation on the implementation of the EU Reinsurance Directive.
ISPVs are special purpose reinsurance vehicles which must be fully funded, typically by issuing debt. If the ISPV has to pay out under its reinsurance obligations, the repayment rights of the debt
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