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guarantee fund

  1. (1)12
    1. (a) subject to (1)(b), in relation to a firm carrying on general insurance business, the higher of one third of the general insurance capital requirement and the base capital resources requirement applicable to that firm;12
    2. (b) where the firm is required to calculate a UK MCR or an EEA MCR under PRU 7.6 for the purposes of that section the reference15in (1)(a) to the general insurance capital requirement is replaced by UK MCR or EEA MCR, as appropriate. 12
  2. (2)12
    1. (a) subject to (2)(b), in relation to a firm carrying on long-term insurance business, the higher of one third of the long-term insurance capital requirement and the base capital resources requirement applicable to that firm;12
    2. (b) where the firm is required to calculate a UK MCR or an EEA MCR under PRU 7.6 , for the purposes of that section the referencein (2)(a) to the long-term insurance capital requirement is replaced by UK MCR or EEA MCR, as appropriate12.