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counterparty

      1. (1) [deleted]158
      1. (2) (for the purposes of the rules relating to insurers in GENPRU and INSPRU)172:
        1. (a) any one individual; or
        1. (b) any one unincorporated body of persons; or
        1. (c) any company which is not a member of a group; or
        1. (d) any group of companies excluding:
          1. (i) (for the purposes of INSPRU 2.1) any companies within the group which are subsidiary undertakings of A and which fall within GENPRU 1.3.43 R; and
          1. (ii) (for all other purposes) any companies within the group which are subsidiary undertakings of A; or
        1. (e) any government of a State together with all the public bodies, local authorities or nationalised industries of that State,in which A, or any of its subsidiary undertakings, has made investments or against whom, or in respect of whom, it, or any of its subsidiary undertakings, has rights or obligations under a contract entered into by A or any of its subsidiary undertakings.
      1. (3) (for the purposes of the rules relating to BIPRU firms in GENPRU and BIPRU and in relation to an exposure of a person ('A')) the counterparty with respect to thatexposure or, if the context requires, another person in respect of whom, under that exposure, A is exposed to credit risk or the risk of loss if that person fails to meet its obligations, such as the issuer of the underlying security in relation to a derivative held by A.