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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.

with-profits fund

      1. 7
      1. (1)13 for a firm that is not a Solvency II firm27 (except in INSPRU)13: 7
        1. (a) a long-term insurance fund (or that part of such a fund) in which policyholders are eligible to participate in any established surplus; and7
        1. (b) where it is an insurer's usual practice to restrict policyholders' participation in any established surplus to that arising from only a part of the fund (or part fund) falling within (a), that part (or that part of the part fund).7
      1. (2) for a Solvency II firm means a "with profits fund" as defined in the PRA Rulebook: Glossary.27
      1. (3) for the purposes of10 INSPRU 10 , a long-term insurance fund in which policyholders are eligible to participate in any established surplus.47