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Insurance Special Purpose Vehicle

An insurer which:

(a) assumes risks by way of reinsurance; and
(b) is required to fully fund its exposures to those risks through the proceeds of a debt issuance or some other financing arrangement where the repayment obligations under those arrangements are subordinated to the insurer’s reinsurance obligations.

[Added] DFSA RM48/2007 (Made 1st October 2007). [VER16/10-07]