Prudential Regulation Authority Rulebook

11A.1

A firm must not apply a group specific parameter unless it is a GSP firm.

11A.2

A GSP firm must not revert back to using the standard parameter in respect of which it has a GSP Permission.

11A.3

A GSP firm must calculate a group specific parameter by replacing a standard parameter set out in Solvency Capital Requirement – Undertaking Specific Parameters 2.3 by the parameter specific to the group.

11A.4

Data used to calculate a group specific parameter must satisfy the criteria set out in Solvency Capital Requirement – Undertaking Specific Parameters 3 at the level of the group.

11A.5

A GSP method used to calculate the group specific parameter in respect of which the GSP firm has a GSP Permission must correspond to the applicable USP method set out in Solvency Capital Requirement – Undertaking Specific Parameter 2.3.

11A.6

For the purposes of this Chapter, the Solvency Capital Requirement – Undertaking Specific Parameters Part must be read with the following modifications:

1. (1) a reference to ‘undertaking specific parameter’ is to be interpreted as a reference to ‘group specific parameter’;
2. (2) a reference to ‘USP firm’ is to be interpreted as a reference to a ‘GSP firm’;
3. (3) a reference to ‘USP method’ is to be interpreted as a reference to ‘GSP method’; and
4. (4) a reference to ‘USP Permission’ is to be interpreted as a reference to ‘GSP Permission’.