INSPRU 1.1 Application
- (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)
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
[1.1.7 to 1.1.26 not used]
Assets of a value sufficient to cover technical provisions and other liabilities
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)
the technical provisions in respect of all the business written in that with-profits fund; and
- (2)
its other long-term insurance liabilities in respect of that with-profits fund.