LLD 24.5 Equalisation provisions
Application of PRU 7.5
PRU 7.5 applies to the Society in accordance with LLD 16.3.1 R:
- (1)
with the modification set out in LLD 24.5.2 R; and
- (2)
except PRU 7.5.11 R to PRU 7.5.37 G.
The Society must calculate a credit equalisation provision for the aggregate insurance business of all members; it is not required to calculate a credit equalisation provision separately for the business of each member.
The Society must allocate the result of LLD 24.5.2 R between itself and each of the members on a fair and reasonable basis.