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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)

    an incoming EEA firm; or

  3. (3)

    an incoming Treaty firm; or8

  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 a non-EEA insurer with a branch in the United Kingdom whose insurance business in the United Kingdom is not restricted to reinsurance (other than an EEA-deposit insurer, a Swiss general insurer or a UK-deposit insurer) 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

For an EEA-deposit insurer or a Swiss general insurer INSPRU 1.1.27R applies in respect of the activities carried on from a branch in the United Kingdom.9

INSPRU 1.1.5RRP

For a UK-deposit insurer INSPRU 1.1.27R applies separately in respect of its world-wide activities and its activities carried on from a branch in the EEA.9

INSPRU 1.1.6GRP

This section may apply in cases where a firm has its head office in another EEA State but is neither an incoming EEA firm nor an incoming Treaty firm.

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]