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guarantee fund
(1)12
(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
(b) where the firm is required to calculate a UK MCR or an EEA MCR under21 20 31 INSPRU 1.5 31 for the purposes of that section 15 in (1)(a) the reference15 to the general insurance capital requirement is replaced by UK MCR or EEA MCR , as appropriate
12
, and the reference to the base capital resources requirement is replaced by the amount which is one half of the base capital resources requirement applicable to the firm set out in15 31 GENPRU 2.1.30 R 31
(2)12
(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
(b) where the firm is required to calculate a UK MCR or an EEA MCR under INSPRU 1.520 , for the purposes of that section 15 in (2)(a) the reference15 to the long-term insurance capital requirement is replaced by UK MCR or EEA MCR , as appropriate12 , and the reference to the base capital resources requirement is replaced by the amount which is one half of the base capital resources requirement applicable to the firm set out in20 31
GENPRU 2.1.30 R 31
.15
