INSPRU 1.1 Application

1INSPRU 1.1 applies to an insurer unless it is:

1. (1)

   a non-directive friendly society; or

2. (2)

   [deleted]10

3. (3)

   [deleted]10

   8
4. (4)

   a Solvency II firm.8

1. (1)

   This section applies to a firm in relation to the whole of its business, except where a particular provision provides for a narrower scope.

2. (2)

   Where a firm carries on both long-term insurance business and general insurance business, this section applies separately to each type of business.

For an insurer10 with a branch in the United Kingdom whose insurance business in the United Kingdom is not restricted to reinsurance other than a Swiss general insurer10 INSPRU 1.1.27R applies separately in respect of its world-wide activities and its activities carried on from a branch in the United Kingdom.9

A firm carrying on long-term insurance business must ensure that it has admissible assets in each of its with-profits funds of a value sufficient to cover:

1. (1)

   the technical provisions in respect of all the business written in that with-profits fund; and

2. (2)

   its other long-term insurance liabilities in respect of that with-profits fund.