Acquisition costs

Commission and other expenses related to acquisition of insurance business.

Actuary

(as defined under Paragraph AU-1.3.2)

For the purposes of AU-1.3.1, actuaries are defined as persons who hold themselves out as able to give a professional opinion on the level of reserves that should be held in order to meet potential insurance liabilities and are accredited by an internationally recognised organisation.

Admissible value

The value assigned to an asset that may be taken into account for the purposes of the solvency requirements in Module CA, in accordance with the rules in CA-4.

AML/CFT

Anti-Money Laundering/Combating Financial Terrorism (see Module FC).

Ancillary services provider(s)

A person who is licensed by the CBB in relation to the carrying on of one or more ancillary services, such as third party administrators (TPA), or those providing compliance services, data-processing services, or a local service or management office, with respect to other CBB licensees. Such persons are separately licensed and subject to the requirements contained in the relevant CBB's 'Standard Conditions and Licensing Criteria' (cf. AU-A.1.10).

Appointed expert(s)

A duly qualified individual or a firm appointed by the CBB to carry out inspections in accordance with Article 114 of the CBB Law or special investigations of insurance licensees in accordance with Article 121 of the CBB Law. Appointed experts are appointed in addition to the CBB's own officials. Examples of appointed experts are reporting accountants, expert witnesses and independent actuaries (see Paragraph EN-2.2.3).

Appointed representative

An appointed representative is an agent appointed by an insurance firm as its representative to act on its behalf, and under its overall control to undertake promotion, marketing, sales and related administrative activities.

Approved financial institution

For purposes of Module CA, all financial institutions licensed and supervised by a financial services regulator/supervisor.

Approved person

Persons undertaking certain functions in relation to CBB insurance licensees require prior CBB approval. These functions (called "controlled functions") include directors and members of senior management. The controlled functions regime supplements the licensing regime by ensuring that key persons involved in the running of insurance licensees are fit and proper. Those authorised by the CBB to undertake controlled functions are called approved persons (see Paragraph AU-A.1.2).

Associate(d)

A company or other enterprise, which is not a subsidiary or joint venture, over which the insurance licensee has significant influence. Significant influence means the power to participate in financial and operating policy decisions. Such influence is presumed to exist if the insurance licensee owns more than 20 per cent of the associate.

Auditor

The firm/partnership charged with carrying out the audit of a licensee and its partners, directors and managers (see Module AA).

Authorised person

A person authorised by the CBB to carry on a controlled function.