- defaulted loan
means a loan where a default of the obligor has occurred as referred to in Article 178(1) of Regulation (EU) No 575/2013;
- distributions
means the pay-out of accounting profits other than dividends to shareholders, members or similar, including share buybacks;
- earthquake
means a geophysical peril characterised by a sudden movement of a block of the Earth’s crust along a geological fault and associated ground shaking;
- expected profit included in future fees for servicing and management of funds
means the expected present value of future cash flows which result from the inclusion in technical provisions of fees for servicing and management of funds relating to existing insurance and reinsurance index-linked and unit-linked contracts that are expected to be charged, but that may not be charged for any reason, other than because the insured event has occurred, regardless of the legal or contractual rights of the policyholder to discontinue the policy;’;
- factoring
shall mean a contractual agreement between a business (the “assignor”) and a financial entity (the “factor”) in which the assignor assigns or sells its receivables to the factor in exchange for the factor providing the assignor with one or more of the following services with regard to the receivables assigned:;
- flood
means a hydrological peril involving the temporary inundation of normally dry land by water resulting from the overflow of inland or surface waters, including riverine or fluvial flooding, surface water or pluvial flooding caused by rainfall, or flash floods, whether resulting from fluvial, pluvial, or combined causes;
- forborne loan
means a loan in respect of which forbearance measures as referred to in Article 47b(1) to (3) of Regulation (EU) No 575/2013 have been applied;
- foreseeable charges
means the amount of taxes and the amount of any obligations or circumstances arising during the related reporting period which are likely to reduce the profits of the undertaking.’;
- future management action
means any action that the administrative, management or supervisory body of an insurance or reinsurance undertaking may expect to carry out under specific future circumstances;’;
- government bonds
means exposures to central governments and central banks.
- hail
means a meteorological peril involving the fall of solid ice stones or pellets and includes severe convective storms, tornadoes and lightning;
- holdings in related undertakings
shall mean the ownership, direct or by way of control, of eligible own funds of such related undertakings.’;
- restructured assets
shall mean assets the cash flows of which are dependent on the performance of other underlying financial assets. 2.
- subsidence
means a geophysical peril involving the sinking of the ground due to natural or human-induced changes in subsurface conditions, including the shrinkage or swelling of clay soils.’
- value of qualifying infrastructure corporate equity investments
shall mean “absolute value of qualifying infrastructure corporate equity investments”.
- value of qualifying infrastructure equity investments
shall mean “absolute value of qualifying infrastructure equity investments”;
- value of type 1 equity investments
shall mean “absolute value of type 1 equity investments”;
- value of type 2 equity investments
shall mean “absolute value of type 2 equity investments”;
- windstorm
means a meteorological peril involving storm events characterised by high-velocity winds generated by atmospheric disturbances, including extratropical cyclones and tropical cyclones;