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Application provision

1.1 Unless otherwise stated, this Part applies to a non-directive insurer, other than a non-directive friendly society.

5.1

01/01/2016

  1. (1) A firm must apply a long-term insurance asset only for the purposes of its long-term insurance business.
  2. (2) For the purposes of (1), applying an asset includes coming under any obligation (even if only contingently) to apply that asset.

5.2

01/01/2016

A firm must not agree to, or allow, any mortgage or charge on its long-term insurance assets other than in respect of a long-term insurance liability.