Definitions
Article 1
For the purposes of this Regulation: 1. ‘insurance corporation’ and ‘IC’ (subsector 128 of the ESA 2010) mean a financial corporation or quasi-corporation that is principally engaged in financial intermediation as a consequence of the pooling of risks mainly in the form of direct insurance or reinsurance. The following are included within the definition: (a) a financial corporation or quasi-corporation that provides life insurance services, where policyholders make regular or one-off payments to the insurer in return for which the insurer guarantees to provide the policyholders with an agreed sum, or an annuity, at a given date or earlier; (b) a financial corporation or quasi-corporation that provides non-life insurance services to cover risks such as, for example, risks of accidents, sickness, fire or credit default; (c) a financial corporation or quasi-corporation that provides reinsurance services, where insurance is bought by the insurer to protect itself against an unexpectedly high number of claims or exceptionally large claims. The following are not included within the definition: (a) investment funds as defined in Article 1 of Regulation (EU) No 1073/2013 of the European Central Bank (ECB/2013/38) ( 6 ) ; (b) financial vehicle corporations engaged in securitisation transactions as defined in Article 1 of Regulation (EU) No 1075/2013 of the European Central Bank (ECB/2013/40) ( 7 ) ; (c) monetary financial institutions as defined in Article 1 of Regulation (EU) No 1071/2013 of the European Central Bank (ECB/2013/33) ( 8 ) ; (d) pension funds as defined in paragraph 2.105 of the ESA 2010. 2. ‘branch’ means an unincorporated agency or branch, but not the head office, of an insurance or reinsurance corporation; 3. ‘subsidiary’ means an incorporated entity in which another entity has a majority or full participation; 4. ‘reporting agents’ has the meaning as defined in Article 1 of Regulation (EC) No 2533/98; 5. ‘resident’ has the meaning as defined in Article 1 of Regulation (EC) No 2533/98. For the purposes of this Regulation, if a legal entity lacks a physical dimension its residence shall be determined by the economic territory under whose laws the entity is incorporated. If the entity is not incorporated, its residence shall be determined by its legal domicile, namely the country whose legal system governs the creation and continued existence of the entity; 6. ‘relevant NCB’ means the NCB of the euro area Member State in which the insurance corporation is resident; 7. ‘relevant NCA’ means the NCA of the euro area Member State in which the insurance corporation is resident; 8. ‘security-by-security data’ means data broken down into individual securities; 9. ‘item-by-item data’ means data broken down into individual assets or liabilities; 10. ‘aggregated data’ means data that has not been broken down into individual assets or liabilities; 11. ‘financial transactions’ means transactions that arise out of the creation, liquidation or change in ownership of financial assets or liabilities, as further described in Part 5 of Annex II; 12. ‘price and exchange rate revaluations’ means changes to the valuation of assets and liabilities that arise from changes to the price of assets and liabilities and/or the effect of exchange rates on the values, expressed in euro, of assets and liabilities denominated in a foreign currency, as further described in Part 5 of Annex II.