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Application provision

1.1 Unless otherwise stated, this Part applies to:

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

4.1

01/01/2016

A firm must:

  1. (1) inform the PRA immediately where it observes that the MCR is no longer complied with or where there is a risk of non-compliance within the next three months; and
  2. (2) within one month from the observation of non-compliance with the MCR, submit, for approval by the PRA, a short-term realistic finance scheme to restore, within three months of that observation, the reestablishment of eligible own funds at least to the level of the MCR or to reduce its risk profile to ensure compliance with the MCR.

Additional Notes


[Note: Art. 139(1), (2) of the Solvency II Directive]