(1) In this Act, references to—
(a) contracts of insurance,
(c) contracts of long-term insurance,
(d) contracts of general insurance,
are to be read with section 22 and Schedule 2.
(2) In this Act “policy” and “policyholder”, in relation to a contract of insurance, have such meaning as the Treasury may by order specify.
(3) The law applicable to a contract of insurance, the effecting of which constitutes the carrying on of a regulated activity, is to be determined, if it is of a prescribed description, in accordance with regulations made by the Treasury.
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This Practice Note explains certain common financial covenants used in commercial finance transactions including:•minimum net worth test•gearing ratio•leverage ratio (or debt to equity ratio)•current ratio (or acid test ratio)•cashflow ratio•interest cover ratio, and•loan to value ratioIt explains:
The roles of nominated officer and money laundering reporting officerA nominated officer is an individual who is nominated by a firm to receive disclosures under Part 7 of the Proceeds of Crime Act 2002 (POCA 2002) or Part III of the Terrorism Act 2000 (TA 2000)—see Requirement to appoint a
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