Status: Please note you should read all Brexit changes to the FCA Handbook and BTS alongside the main FCA transitional directions. Where these directions apply the 'standstill', firms have the choice between complying with the pre-IP completion day rules, or the post-IP completion day rules. To see a full list of Handbook modules affected, please see Annex B to the main FCA transitional directions.

INSPRU 1.1 Application

INSPRU 1.1.1RRP

1INSPRU 1.1 applies to an insurer unless it is:

  1. (1)

    a non-directive friendly society; or

  2. (2)

    [deleted]10

  3. (3)

    [deleted]10

    8
  4. (4)

    a Solvency II firm.8

INSPRU 1.1.2RRP

  1. (1)

    This section applies to a firm in relation to the whole of its business, except where a particular provision provides for a narrower scope.

  2. (2)

    Where a firm carries on both long-term insurance business and general insurance business, this section applies separately to each type of business.

INSPRU 1.1.3RRP

For an insurer10 with a branch in the United Kingdom whose insurance business in the United Kingdom is not restricted to reinsurance other than a Swiss general insurer10 INSPRU 1.1.27R applies separately in respect of its world-wide activities and its activities carried on from a branch in the United Kingdom.9

INSPRU 1.1.4RRP

[deleted]10

9
INSPRU 1.1.5RRP

[deleted]10

9
INSPRU 1.1.6GRP

[deleted]10

8

[1.1.7 to 1.1.26 not used]

Assets of a value sufficient to cover technical provisions and other liabilities

INSPRU 1.1.27RRP

A firm carrying on long-term insurance business must ensure that it has admissible assets in each of its with-profits funds of a value sufficient to cover:

  1. (1)

    the technical provisions in respect of all the business written in that with-profits fund; and

  2. (2)

    its other long-term insurance liabilities in respect of that with-profits fund.

INSPRU 1.1.29G

[deleted]9

88
INSPRU 1.1.53G

[deleted]4

4
2
INSPRU 1.1.74G

[deleted]

INSPRU 1.1.75G

[deleted]