excess surplus

(a) 10040a firm that is not a Solvency II firm100 will have an excess surplus in a with-profits fund if, and to the extent that:

1. 100(i)100 the regulatory surplus41100 in that with-profits fund; and
2. 100(ii)100 any other financial resources applied to, or expected to be applied to, that with-profits fund;

exceed:

1. 100(iii)100 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
2. 100(iv)100 any further amount necessary to support the new business plans of that with-profits fund.

(b) a Solvency II firm will have an excess surplus in a with-profits fund if, and to the extent that:100

1. (i) the with-profits fund surplus in that with-profits fund; and100
2. (ii) any other financial resources applied to, or expected to be applied to, that with-profits fund;100

exceed:

1. (iii) the amount required to meet the higher of any notional SCR in relation to that with-profits fund and any capital provision determined in relation to the with-profits fund at the firm's own risk appetite, as reflected in the firm's own risk and solvency assessment carried out from time to time as detailed in the PRA Rulebook: Solvency II Firms: Conditions Governing Business rules 3.8 to 3.10; and100
2. (iv) any further amount necessary to support the new business plans of that with-profits fund.100