3
Margin of Solvency Below Required Margin of Solvency
3.1
This Chapter only applies to a non-directive friendly society (other than a flat rate benefits business friendly society).
- 01/01/2016
3.2
If a firm’s margin of solvency no longer equals to or exceeds its required margin of solvency, it must, within 28 days of becoming aware of this event, submit to the PRA a plan for the restoration of a sound financial position, including:
- (1) a scheme of operations; and
- (2) an explanation of how, if at all, and by when, it expects its margin of solvency to be adequately restored to the required margin of solvency.
- 01/01/2016