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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.

State of the commitment

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      1. (a) if the policyholder is an individual, the State in which he had his habitual residence at that date;
      1. (b) if the policyholder is not an individual, the State in which the establishment of the policyholder to which the commitment relates was established at that date;

    in this definition, "commitment" means (in accordance with article 2 of the Financial Services and Markets Act 2000 (Control of Business Transfers) (Requirements on Applicants) Regulations 2001 (SI 2001/3625))70 any contract of insurance of a kind referred to in UK provisions which implemented180 article 2(3) of the Solvency II Directive.131