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I- I. Ia Ib Ic Id If Ig Il Im In Ip Ir Is It

Inwards

Reinsurance business accepted or written by an insurer or reinsurer, as opposed to outwards reinsurance which is ceded to a reinsurer.

IPO

The initial public offering of securities by a company. For a variety of reasons, an IPO transaction presents increased liability exposure to the company’s directors and officers.

IPRU (FSOC)

Interim Prudential Sourcebook for Friendly Societies. It sets rules, principles, guidance on how to comply with a requirement, evidential provisions (high-level guidance containing examples on compliance) and directions on minor. The rules, etc., arise from FSMA and powers devolved upon the FSA. The rules have the status of law and principles, while lacking legal status, are effectively as powerful. IPRU (FSOC) will become integrated in the new Integrated Sourcebook.

IPRU (INS)

Interim Prudential Sourcebook for Insurers. This comprehensive document sets out rules, principles and directions applicable to insurers. The rules, etc., are derived from FSMA and/or the powers of the FSA. Rules have legal status but principles, though effectively as powerful, do not. The Sourcebook gives guidance on how an insurer should comply with its various obligations. Evidential provisions give highlevel guidance and examples on compliance. Separate sourcebooks exist for Lloyd’s, Friendly Societies, banks, investment businesses and building societies. IPRU (INS) will become incorporated in the new Integrated Sourcebook.

IRDA Cession

As per IRDA Cession means the unit of insurance passed to a reinsurer by the insurer which issued a policy to the original insured, and accordingly, a cession may be the whole or a portion of a single risk, defined policies or defined divisions of business, as agreed in the reinsurance contract.