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Application provision

1.1 Unless otherwise stated, this Part applies to a UK ISPV (including a UK ISPV that is a non-Solvency 2 transformer vehicle). 



A UK ISPV must ensure that at all times:

  1. (1) it is fully funded; and
  2. (2) if it is a UK multi-arrangement ISPV, each group of cells (if any) is fully funded.