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You are viewing the version of the document as on 2023-08-02.

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]