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.

EEA 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 and all the third country undertaking EEA branches.

EEA 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 and all the third country undertaking EEA branches.

EEA 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 UK-deposit insurer in the EEA.

EEA-deposit insurer

means a third country branch undertaking that has made a deposit in an EEA State (other than the UK) under Article 162(2)(e) of the Solvency II Directive in accordance with Article 167 of the Solvency II Directive.

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.

third country branch undertaking SCR

means

1. (1) for a UK-deposit insurer, EEA SCR;
2. (2) for an EEA-deposit insurer, its solvency capital requirement calculated according to the relevant Solvency II EEA implementing measures in the EEA State that supervises the solvency of the entire business of the branches within the EEA in accordance with Article167 of the Solvency II Directive;
3. (3) for all other third country branch undertakings, the branch SCR.