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Application provision

1.1 Unless otherwise stated, this Part applies to:

  1. (1) a UK Solvency II firm;
  2. (2) in accordance with Insurance General Application 3, the Society, as modified by 6 to 8; and
  3. (3) in accordance with Insurance General Application 3, managing agents, as modified by 8.

4.1

01/01/2016

A firm must calculate its SCR and report the result of that calculation to the PRA at least once a year.

Additional Notes


[Note: Art. 102(1) of the Solvency II Directive]

4.2

01/01/2016

For the purposes of 2.1, a firm must hold eligible own funds which cover its last reported SCR.

Additional Notes


[Note: Art. 102(1) of the Solvency II Directive]

4.3

01/01/2016

A firm must monitor the amount of its eligible own funds and its SCR on an ongoing basis.

Additional Notes


[Note: Art. 102(1) of the Solvency II Directive]

4.4

01/01/2016

If a firm’s risk profile deviates significantly from the assumptions underlying its last reported SCR, the firm must recalculate its SCR without delay and report it to the PRA.

Additional Notes


[Note: Art. 102(1) of the Solvency II Directive]

4.5

01/01/2016

Where there is evidence to suggest that the risk profile of a firm has altered significantly since the date on which the SCR was last reported by it, if so requested by the PRA, the firm must recalculate its SCR.

Additional Notes


[Note: Art. 102(2) of the Solvency II Directive]