GENPRU 1.1 Application

1There is no overall application statement for GENPRU. Each chapter or section has its own application statement.

Broadly speaking however, GENPRU applies (except as provided in GENPRU 1.1.2-A G)2 to:

1. (1)

   an insurer that is not a Solvency II firm;3

2. (2)

   [deleted]2

   2
3. (3)

   [deleted]2

   2
4. (4)

   a BIPRU firm;2 and

   2
5. (5)

   groups containing such firms.

2GENPRU 3 (Cross sector groups) applies to:

1. (1)

   an IFPRU investment firm;

2. (2)

   an insurer; and

3. (3)

   a group containing both the firms in (1) and (2).

2GENPRU applies to a collective portfolio management investment firm that is a BIPRU firm in parallel with IPRU-INV -link- 11 (see IPRU-INV -link-11.6).

8A firm should refer to GEN 2.2.13A R (cross-references in the Handbook) and GEN 2.2.23 R to GEN 2.2.25 G (cutover: application of provisions made by both the FCA and the PRA) when applying the rules and guidance in GENPRU. In particular, many rules in GENPRU are made by both the PRA (in relation to PRA-authorised persons) and by the FCA (in relation to BIPRU firms2 that are FCA-authorised persons).

8As the FCA does not have the power to impose prudential rules and guidance on PRA-authorised persons, references to PRA-authorised persons or PRA rules that are included in FCA GENPRU provisions will not be relevant in the FCA's application of that provision, unless otherwise stated.