Related provisions for INSPRU 1.2.71

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To access the FCA Handbook Archive choose a date between 1 January 2001 and 31 December 2004 (From field only).

INSPRU 1.2.71R (1) applies only to accumulating with-profits policies; INSPRU 1.2.71R (2) applies to any other type of policy, including non-profit insurance contracts. In INSPRU 1.2.71R (1)(a) a firm must take into consideration, for example, a market value adjustment where such an adjustment has been described in representations made to policyholders by the firm. However, any discretionary adjustment, such as a market value adjustment, must not be included in the amount calculated
SUP App 2.15.7GRP
A firm's run-off plan should include:(1) details of any changes that will be made to the firm's corporate governance arrangements as a consequence of closure;(2) an explanation of how costs charged to the with-profits fund may change in the light of closure;(3) an explanation of any changes it will make, as a consequence of closure, to any charges for guarantees, including:(a) the circumstances in which those charges may be varied in the future; or (b) the manner by which the
SUP App 2.15.9GRP

These tables belong to SUP App 2.15.8 G

Table 1 - forecast summary revenue account for the relevant with-profits fund


Premiums and claims (gross and net of reinsurance) analysed by major class of insurance business


Investment return




Other charges and income




Increase (decrease) in fund in financial year


Fund brought forward


Fund carried forward

Table 2 - forecast summary balance sheet and statement of solvency for the relevant with-profits fund

Assets analysed by type (excluding implicit items):




Land and buildings


Fixed interest investments


All other assets


Total assets (excluding implicit items)


Policyholder liabilities


Other liabilities


Total liabilities


Excess/(deficiency) of assets over liabilities before implicit items


Implicit items allocated to the with-profits fund


Long-term insurance capital requirement for the with-profits fund


Resilience capital requirement for the with-profits fund


With-profits insurance capital component (for realistic basis life firms only)


Net excess/(deficiency) of assets in the with-profits fund

Table 3 - forecast summary balance sheet and statement of solvency for the firm


Surplus long-term insurance assets, with-profit fund(s)


Surplus long-term insurance assets, non-profit fund(s)


Total long-term insurance assets



Total long-term insurance liabilities (excluding resilience capital requirement)


Total long-term insurance fund surplus



Shareholder fund assets


Implicit items


Long-term insurance capital requirement


Excess of regulatory assets over long-term insurance capital requirement



With-profits insurance capital component

For realistic basis life firms only.


Resilience capital requirement


Net excess assets



FTSE level at which the long-term insurance capital requirement would be breached

SUP 18.2.39GRP
For a scheme involving long-term insurance business, the report should:(1) describe the effect of the scheme on the nature and value of any rights of policyholders to participate in profits;(2) if any such rights will be diluted by the scheme, how any compensation offered to policyholders as a group (such as the injection of funds, allocation of shares, or cash payments) compares with the value of that dilution, and whether the extent and method of its proposed division is equitable
SUP 4.3.16BGRP
1In advising or reporting on the exercise of discretion, an actuary performing the with-profits actuary function should cover the implications for the fair treatment of the relevant classes of the firm's with-profits policyholders. His opinion on any communication or report to them should also take into account their information needs and the extent to which the communication or report may be regarded as clear, fair and not misleading. Aspects of the business that should normally
SUP 4.3.17RRP
A firm must require and allow any actuary appointed to perform the with-profits actuary function1 to perform his duties and must1:11(1) keep him informed of the firm's business and other plans (including, where relevant, those of any related firm, to the extent it is aware of these);(2) provide him with sufficient resources (including his own time and access to the time of others);(3) hold such data and establish such systems as he reasonably requires;(4) request his advice about
Where the surplus arising from business is shared between policyholders and shareholders in different ways for different blocks of business, it may be necessary to maintain a separate fund to ensure that policyholders are, and will be, treated fairly. For example, if a proprietary company writes some business on a with-profits basis, this should be written in a with-profits fund separate from any business where the surplus arising from that business is wholly owned by shareho