1
Application and Definitions
1.1
Unless otherwise stated, this Part applies to:
- (1) a UK Solvency II firm;
- (2) the Society, in accordance with General Application 3;
- (3) managing agents, in accordance with General Application 3; and
- (4) (in respect of 3.8 only) a UK ISPV.
- 01/01/2016
1.2
In this Part, the following definitions shall apply:
admissible insurance and reinsurance obligations
has the meaning set out in regulation 53(2) of the Solvency 2 Regulations 2015, where reference to rules implementing Article 20 of Directive 2002/83/EC until 1st January 2016 means INSPRU 1.1.16 R of the PRA Handbook as at 31 December 2015.
[Note: Art. 308c(3) of the Solvency II Directive]
capital resources gearing rules
has the meaning set out in in the PRA Handbook Glossary as at 31 December 2015.
means an item of capital that is stated in stage A (Core tier one capital) of the capital resources table at GENPRU 2 Annex 1 of the PRA Handbook as at 31 December 2015 to be core tier one capital.
directive reorganisation measures
has the same meaning as in the Insurers (Reorganisation & Winding Up) Regulations 2004 (2004/353).
means an item of capital that is stated in GENPRU 2.2 of the PRA Handbook as at 31 December 2015 to be innovative tier one capital.
means an item of capital that is stated in stage H (Lower tier two capital) of the capital resources table at GENPRU 2 Annex 1 of the PRA Handbook as at 31 December 2015 to be lower tier two capital.
perpetual non-cumulative preference share
means an item of capital that is stated in stage B (Perpetual non-cumulative preference shares) of the capital resources table at GENPRU 2 Annex 1 of the PRA Handbook as at 31 December 2015 to be perpetual non-cumulative preference shares.
means the phasing-in plan required to be submitted by the firm to the PRA under 12.1.
means the requirement to maintain group capital resources that applied to a UK Solvency II firm under PRA rules as at 31 December 2015.
means the PRA rules in the Valuation, Technical Provisions, Own Funds, Solvency Capital Requirement – General Provisions, Solvency Capital Requirement – Standard Formula, Solvency Capital Requirement – Internal Models, Minimum Capital Requirement, Undertakings in Difficulty, Investments, Composites, Conditions Governing Business, Insurance Special Purpose Vehicles, Group Supervision, Reporting, Surplus Funds, With-Profits, Insurance - Certification, Insurance – Conduct Standards, Insurance – Senior Management Functions, Insurance – Allocation of Responsibilities and Insurance – Fitness and Propriety Parts of the PRA Rulebook.
means an item of capital that is stated in stage G (Upper tier two capital) of the capital resources table at GENPRU 2 Annex 1 of the PRA Handbook as at 31 December 2015 to be upper tier two capital
- 10/12/2018