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excess surplus

    40a firm will have an excess surplus in a with-profits fund if, and to the extent that:

      1. (a) the regulatory surplus (or, in the case of a realistic basis life firm, the excess of realistic value of assets41 over realistic value of liabilities41) in that with-profits fund; and
      1. (b) any other financial resources applied to, or expected to be applied to, that with-profits fund;


      1. (c) the amount required to meet the higher of any regulatory capital requirement or the firm's individual capital assessment (at the firm's own risk appetite) for existing business; and
      1. (d) any further amount necessary to support the new business plans of that with-profits fund.