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Definitions For the purposes of this Directive, the following definitions apply:

(1) ‘resolution’ means the application of a resolution tool or of a tool referred to in Article 26(7) in order to achieve one or more of the resolution objectives referred to in Article 18(2);

(2) ‘insurance undertaking’ means an insurance undertaking as defined in Article 13, point (1), of Directive 2009/138/EC;

(3) ‘reinsurance undertaking’ means a reinsurance undertaking as defined in Article 13, point (4), of Directive 2009/138/EC;

(4) ‘insurance holding company’ means an insurance holding company as defined in Article 212(1), point (f), of Directive 2009/138/EC;

(5) ‘mixed financial holding company’ means a mixed financial holding company as defined in Article 2, point (15), of Directive 2002/87/EC;

(6) ‘parent insurance holding company in a Member State’ means an insurance holding company which is established in a Member State and which is not a subsidiary undertaking of an insurance or reinsurance undertaking, insurance holding company or mixed financial holding company authorised or set up in the same Member State;

(7) ‘Union parent insurance holding company’ means a parent insurance holding company in a Member State which is not a subsidiary undertaking of an insurance or reinsurance undertaking, another insurance holding company or mixed financial holding company authorised or set up in any Member State;

(8) ‘parent mixed financial holding company in a Member State’ means a mixed financial holding company which is established in a Member State, and which is not itself a subsidiary undertaking of an insurance or reinsurance undertaking, an insurance holding company or mixed financial holding company authorised or set up in that same Member State;

(9) ‘Union parent mixed financial holding company’ means a parent mixed financial holding company in a Member State which is not a subsidiary undertaking of an undertaking authorised in any Member State or of another insurance holding company or mixed financial holding company set up in any Member State;

(10) ‘group’ means a group as defined in Article 212(1), point (c), of Directive 2009/138/EC;

(11) ‘resolution objectives’ means the resolution objectives referred to in Article 18(2);

(12) ‘resolution authority’ means an authority designated by a Member State in accordance with Article 3;

(13) ‘supervisory authority’ means a supervisory authority as defined in Article 13, point (10), of Directive 2009/138/EC;

(14) ‘resolution tool’ means a resolution tool referred to in Article 26(3);

(15) ‘resolution power’ means a power referred to in Articles 42 to 54;

(16) ‘competent ministries’ means finance ministries or other ministries of the Member States which are responsible for economic, financial and budgetary decisions at the national level according to national competencies and which have been designated in accordance with Article 3(7);

(17) ‘senior management’ means the person or persons who effectively run the undertaking and who are responsible, and accountable to the administrative, management or supervisory body, for the day-to-day management of the undertaking;

(18) ‘cross-border group’ means a group having group entities established in more than one Member State;

(19) ‘extraordinary public financial support’ means State aid within the meaning of Article 107(1) TFEU, or any other public financial support at supra-national level, which, if provided for at national level, would constitute State aid that is provided to preserve or restore the viability, liquidity or solvency of an entity referred to in Article 1(1), points (a) to (e), or of a group of which such an entity forms part;

(20) ‘group entity’ means a legal person that is part of a group;

(21) ‘group supervisor’ means a group supervisor as defined in Article 212(1), point (d), of Directive 2009/138/EC;

(22) ‘pre-emptive recovery plan’ means a pre-emptive recovery plan drawn up and maintained in accordance with Article 5;

(23) ‘group pre-emptive recovery plan’ means a group pre-emptive recovery plan drawn up and maintained in accordance with Article 7;

(24) ‘significant cross-border activities’ means significant cross-border activities as defined in Article 152aa(1) of Directive 2009/138/EC;

(25) ‘critical functions’ means activities, services or operations performed by an insurance or reinsurance undertaking for third parties that cannot be substituted within a reasonable time or at a reasonable cost, and where the inability of the insurance or reinsurance undertaking to perform the activities, services or operations would be likely to have a significant impact on the financial system or the real economy in one or more Member States including, in particular, the impact resulting from effects on the social welfare of a large number of policy holders, beneficiaries or injured parties or from a systemic disruption or a loss of general confidence in the provision of insurance services;

(26) ‘core business lines’ means business lines and associated services which represent material sources of revenue, profit or franchise value for an insurance or reinsurance undertaking or for a group of which an insurance or reinsurance undertaking forms part;

(27) ‘financing arrangement’ means an arrangement established by a Member State in accordance with Article 81 to ensure the effective application by the resolution authority of the resolution tools and the effective exercise of the resolution powers;

(28) ‘own funds’ means own funds as provided for by Article 87 of Directive 2009/138/EC;

(29) ‘resolution action’ means a decision to place any entity as referred to in Article 1(1), points (a) to (e), under resolution pursuant to Article 19 or 20, the application of a resolution tool or the exercise of one or more resolution powers;

(30) ‘resolution plan’ means a resolution plan for an insurance or reinsurance undertaking drawn up in accordance with Article 9;

(31) ‘group resolution’ means either of the following:

(a) the taking of resolution action at the level of a parent undertaking or of an insurance or reinsurance undertaking subject to group supervision, or (b) the coordination of the application of the resolution tools and the exercise of the resolution powers by resolution authorities in relation to group entities;

(32) ‘group resolution plan’ means a plan for group resolution drawn up in accordance with Articles 10 and 11;

(33) ‘group-level resolution authority’ means the resolution authority in the Member State in which the group supervisor is situated;

(34) ‘group resolution scheme’ means a plan drawn up for the purposes of group resolution in accordance with Article 73;

(35) ‘resolution college’ means a college established in accordance with Article 70;

(36) ‘European resolution college’ means a college established in accordance with Article 71;

(37) ‘mixed-activity insurance holding company’ means a mixed-activity insurance holding company as defined in Article 212(1), point (g), of Directive 2009/138/EC;

(38) ‘normal insolvency proceedings’ means collective insolvency proceedings which entail the partial or total divestment of a debtor and the appointment of a liquidator or an administrator normally applicable to insurance and reinsurance undertakings under national law and either specific to those undertakings or generally applicable to any natural or legal person;

(39) ‘debt instruments’ means bonds and other forms of transferrable debt, instruments creating or acknowledging a debt, and instruments giving rights to acquire debt instruments;

(40) ‘insurance claim’ means an insurance claim as defined in Article 268(1), point (g), of Directive 2009/138/EC;

(41) ‘parent undertaking’ means a parent undertaking as defined in Article 13, point (15), of Directive 2009/138/EC;

(42) ‘Union State aid framework’ means the framework established by Articles 107, 108 and 109 TFEU and regulations and all Union acts, including guidelines, communications and notices, made or adopted pursuant to Article 108(4) or Article 109 TFEU;

(43) ‘winding-up’ means the realisation of assets of an entity referred to in Article 1(1), points (a) to (e);

(44) ‘asset and liability separation tool’ means the mechanism for effecting a transfer by a resolution authority of assets, rights or liabilities of an undertaking under resolution to an asset and liability management vehicle in accordance with Article 30;

(45) ‘asset and liability management vehicle’ means a legal person that meets the requirements laid down in Article 30(2);

(46) ‘write-down or conversion tool’ means the mechanism for effecting the exercise by a resolution authority of the write-down or conversion powers in relation to liabilities of an undertaking under resolution in accordance with Article 35;

(47) ‘sale-of-business tool’ means the mechanism for effecting a transfer by a resolution authority of shares or other instruments of ownership issued by an undertaking under resolution, or assets, rights or liabilities, of an undertaking under resolution to a purchaser that is not a bridge undertaking, in accordance with Article 31;

(48) ‘bridge undertaking’ means a legal person that meets the requirements laid down in Article 32(2);

(49) ‘bridge undertaking tool’ means the mechanism for transferring shares or other instruments of ownership issued by an undertaking under resolution or assets, rights or liabilities of an undertaking under resolution to a bridge undertaking, in accordance with Article 32;

(50) ‘solvent run-off tool’ means the mechanism for prohibiting an undertaking under resolution to conclude new insurance or reinsurance contracts and for limiting its activity to the exclusive administration of its existing portfolio until termination of its activities and winding-up under normal insolvency proceedings in accordance with Article 27;

(51) ‘instruments of ownership’ means shares, other instruments that confer ownership, instruments that are convertible into or give the right to acquire shares or other instruments of ownership, and instruments representing interests in shares or other instruments of ownership;

(52) ‘shareholder’ means a holder of instruments of ownership;

(53) ‘transfer powers’ means the powers specified in Article 42(1), point (e) or (f), to transfer shares, other instruments of ownership, debt instruments, assets, rights or liabilities, or any combination of those items from an undertaking under resolution to a recipient;

(54) ‘central counterparty’ (CCP) means a CCP as defined in Article 2, point (1), of Regulation (EU) No 648/2012 of the European Parliament and of the Council ;