Part

Third Country Branches

Chapter

Separation of Long-Term Business and General Business

Printed on: 06/11/2024

Rulebook at: 31/12/2020

11

Separation of Long-Term Business and General Business

11.1

The changes to this rule are effective from 23:00 on 31/12/2020.

  1. (1) A third country insurance undertaking that has a composite third country branch must fulfil the requirements laid down in Composites 2 to 4 as modified by 11.2.
  2. (2) [deleted.]
  • 31/12/2020

11.2

  1. (1) The requirements referred to in 11.1 must be fulfilled taking account only of the operations effected by the third country branch.
  2. (2) The reference to “SCR” in Composites 4.6 is to be interpreted as a reference to the branch SCR.
  3. (3) The notional life MCR, notional non-life MCR, the notional life SCR and notional non-life SCR referred to in the Composites Part of the PRA Rulebook shall be calculated taking account only of the operations effected by the third country branch.

[Note: Art. 169 of the Solvency II Directive]

  • 31/12/2020