Prudential Regulation Authority Rulebook

4.1

A firm must calculate its SCR and report the result of that calculation to the PRA at least once a year.

[Note: Art. 102(1) of the Solvency II Directive]

4.2

For the purposes of 2.1, a firm must hold eligible own funds which cover its last reported SCR.

[Note: Art. 102(1) of the Solvency II Directive]

4.3

A firm must monitor the amount of its eligible own funds and its SCR on an ongoing basis.

[Note: Art. 102(1) of the Solvency II Directive]

4.4

If a firm’s risk profile deviates significantly from the assumptions underlying its last reported SCR, the firm must recalculate its SCR without delay and report it to the PRA.

[Note: Art. 102(1) of the Solvency II Directive]

4.5

Where there is evidence to suggest that the risk profile of a firm has altered significantly since the date on which the SCR was last reported by it, if so requested by the PRA, the firm must recalculate its SCR.

[Note: Art. 102(2) of the Solvency II Directive]