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Application provision

5.1 This Chapter does not apply:

  1. (1) to a Swiss general insurer;
  2. (2) in respect of debts owed by reinsurers;
  3. (3) in respect of insurance business carried on by a UK firm outside an EEA State; or
  4. (4) in respect of general insurance business class groups 3 (Marine and transport) and 4 (Aviation) of Insurance Company – Reporting 12.7.

5.1

01/07/2016

This Chapter does not apply:

  1. (1) to a Swiss general insurer;
  2. (2) in respect of debts owed by reinsurers;
  3. (3) in respect of insurance business carried on by a UK firm outside an EEA State; or
  4. (4) in respect of general insurance business class groups 3 (Marine and transport) and 4 (Aviation) of Insurance Company – Reporting 12.7.

5.2

01/01/2016

In accordance with 5.3, a firm must hold admissible assets held pursuant to Insurance Company – Risk Management 3.2:

  1. (1) (where the admissible assets cover technical provisions in UK sterling), in any EEA State; and
  2. (2) (where the admissible assets cover technical provisions in any currency other than UK sterling), in any EEA State or in the country of that currency.

5.3

01/01/2016

For the purposes of 5.2:

  1. (1) a tangible asset is to be treated as held in the country or territory where it is situated;
  2. (2) an admissible asset consisting of a claim against a debtor is to be treated as held in any country or territory where it can be enforced by legal action;
  3. (3) a security which is listed is to be treated as held in any country or territory where there is a regulated market on which the security is dealt; and
  4. (4) a security which is not listed is to be treated as held in the country or territory in which the issuer has its head office.