Prudential Regulation Authority Rulebook

23.1

Subject to 23.2 and 23.3, the amount of the firm’s exposure to assets determined in accordance with 18 to 22 must be increased by an amount representing the exposure, if any, of the firm’s dependants to assets of that description.

23.2

For the purposes of 23.1, the exposure of each dependant must be calculated by applying 18 to 22 to that dependant as if it were a firm to which those provisions apply (whether it is or not).

23.3

In relation to a dependant:

1. (1) which is an insurance undertaking; or
2. (2) in respect of which 17.2(1) to (3) have (notwithstanding 5.4(1)) been applied when valuing the assets selected under 5.3(1),

23.1 applies only in relation to the dependant's surplus assets (or proportional share).