INSPRU 1.1 Application
1INSPRU 1.1 applies to an insurer unless it is:
- (1)
- (2)
an incoming EEA firm; or
- (3)
an incoming Treaty firm; or8
- (4)
- (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)
Where a firm carries on both long-term insurance business and general insurance business, this section applies separately to each type of business.
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
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
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
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
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)
the technical provisions in respect of all the business written in that with-profits fund; and
- (2)
its other long-term insurance liabilities in respect of that with-profits fund.