Related provisions for COBS 20.2.19C
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7A firm must not make a distribution from a with-profits fund, unless:55(1) if it is not a Solvency II firm, the whole of the cost of that distribution can be met without eliminating the regulatory surplus in that with-profits fund; and5(2) if it is a Solvency II firm:5(a) the whole of the cost of that distribution can be met without eliminating the with-profits fund surplus in that with-profits fund; and(b) following any distribution that is made to meet a liability for which
A firm which is not a Solvency II firm5 must not make a distribution from a with-profits fund to any person who is not a with-profits policyholder, unless the whole of the cost of that distribution (including the cost of any obligations that will or may arise from the decision to make a distribution) can be met from the excess, if any,5 of the assets over the liabilities5 in that with-profits fund.55
5If a firm which is a Solvency II firm proposes to make a distribution from a with-profits fund to any person who is not a with-profits policyholder, where:(1) the distribution to with-profits policyholders is smaller than the ‘pre-notification to policyholder minimum’ calculated in accordance with COBS 20.2.19BR (1) then the firm must:(a) provide the FCA with written details of the proposed distribution at least two months prior to the proposed distribution, together with copies