(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;