1. For the purposes of Article 192(3), a derivative falls within this paragraph if the following requirements are met:

(a) the derivative is a CCP-related transaction in which the insurance or reinsurance undertaking is the client;

(b) the positions and assets of the insurance or reinsurance undertaking related to that transaction are distinguished and segregated, at the level of both the clearing member and the CCP, from the positions and assets of both the clearing member and the other clients of that clearing member and as a result of that distinction and segregation those positions and assets are bankruptcy remote in the event of the default or insolvency of the clearing member or one or more of its other clients;