S

Special Purpose Reinsurance Vehicle
An undertaking (whether incorporated or not) that:
a) assumes risks from insurance undertakings or reinsurance undertakings under reinsurance contracts; and
b) fully funds its exposures to those risks through the proceeds of a debt issue or some other financing arrangement under which the repayment rights of the providers of the debt or financing arrangement are subordinated to the reinsurance obligations of the undertaking but does not include an authorised insurance undertaking or authorised reinsurance undertaking.