Prudential Regulation Authority Rulebook

2A.1

A UK ISPV must ensure that the following conditions are satisfied at all times:

1. (1) the UK ISPV only assumes risks from an undertaking through reinsurance contracts or assumes insurance risks through similar arrangements;
2. (2) where the UK ISPV assumes risks from more than one undertaking, the solvency of the UK ISPV is not adversely affected by winding-up proceedings of any one of those undertakings; and
3. (3) the UK ISPV has not determined, on the basis of an assessment carried out in accordance with 2C.5, that any shareholder or member having a qualifying holding in the UK ISPV fails to satisfy the criteria set out in 2C.5(1) to 2C.5(4).

2A.2

A UK ISPV must be able to demonstrate to the PRA that it meets the requirements set out in 2.1 to 2.6, 2A.1, Chapter 2B, 2C.1 to 2C.6, 2C.8 to 2C.10 and 5A.1 to 5A.5.