Prudential Regulation Authority Rulebook

1.1

Unless otherwise stated, this Part applies to third country branch undertakings, except Swiss general insurers.

1.2

In this Part, the following definitions shall apply:

branch MCR

means a capital requirement calculated in accordance with the Minimum Capital Requirement Part of the PRA Rulebook but taking account only of the operations effected by the third country branch.

branch scheme of operations

means a scheme containing the information required in 5.1.

branch SCR

means a capital requirement calculated in accordance with the SCR Rules but taking account only of the operations effected by the third country branch.

branch technical provisions

means the technical provisions established in accordance with the Technical Provisions Part of the PRA Rulebook to cover the insurance and reinsurance obligations assumed by a third country branch undertaking in the UK.

composite third country branch

means a third country branch (except a third country pure reinsurance branch) that carries on both long-term insurance business and general insurance business in the UK.

pre-Solvency II branch MCR

means the minimum capital requirement referred to in INSPRU 1.5.42R of the PRA Handbook that applied to the third country branch undertaking as at 31 December 2015.