6
Minimum Guarantee Fund: Long-Term Insurance Business
6.1
Subject to 6.2, the minimum guarantee fund for long-term insurance business is the amount in column 2 of the following table, which corresponds to the firm’s highest annual contribution income in respect of that business in any preceding financial year, as shown in column 1 of the table:
| Contribution income (in UK sterling) | Minimum guarantee fund (in UK sterling) |
|---|---|
| 800,000 | 90,000 |
| 800,001 - 1,200,000 | 185,000 |
| 1,200,001 – 1,600,000 | 280,000 |
| 1,600,001 – 2,000,000 | 370,000 |
| 2,000,001 – 2,400,000 | 470,000 |
| 2,400,001 or more | 560,000 |
- 01/01/2016
6.2
If a firm has not been in existence long enough to have a preceding financial year, the minimum guarantee fund for long-term insurance business is £90,000.
- 01/01/2016