3
Ancillary own-funds (Guidelines 1–6)
3.1
These Guidelines complement the PRA’s Solvency II framework. In particular, they complement the Own Funds Part of the PRA Rulebook and the statement of policy (SoP) on Solvency II: the PRA’s approach to insurance own fund’s permissions[7] in respect of the criteria for the approval of and the application procedures for ancillary own-funds (AOF). Firms should refer to the supplementary information form for AOF permissions[8] and consider its relationship with the AOF Guidelines when preparing their applications.
Footnotes
- 7. SoP - Solvency II: the PRA’s approach to insurance own fund’s permissions.
- 8. PRA Solvency II approvals; www.bankofengland.co.uk/pra/Pages/authorisations/siiapprovals/applying.aspx.
- 31/12/2024
3.2
Guidelines 5 and 6 identify the need for firms and the PRA to monitor on an ongoing basis the ability of an AOF item to satisfy the criteria for approval. Firms should engage with their usual supervisory contact at an early stage where any changes might affect the status or loss-absorbing characteristics of an approved AOF Item.
- 23/07/2015