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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