(1) In these Regulations, unless the context otherwise requires -
"aggregate limit", in relation to a SPRV contract, means the maximum amount payable to the ceding insurance undertaking or reinsurance undertaking under the contract;
"authorised reinsurance undertaking" means a reinsurance undertaking - (a) authorised, or taken to be authorised, by the Bank under these Regulations, or (b) authorised, or taken to be authorised, under a corresponding law of another Member State;
"authorised SPRV" means a SPRV - (a) authorised, or taken to be authorised, by the Bank under these Regulations, or (b) authorised, or taken to be authorised, under a corresponding law of another Member State;
"Bank" means the Central Bank of Ireland constituted under the Central Bank Act 1942;
"Capital Adequacy Directive" means Council Directive 93/6/EEC on the capital adequacy of investments firms and credit institutions;
"captive reinsurance undertaking" means a reinsurance unde
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