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Application provision

1.1 Subject to 1.2, this Part applies to a non-directive insurer carrying on with-profits insurance business.

2.1

01/01/2016

A firm, other than a friendly society, must ensure that it holds admissible assets in each of its with-profits funds of a value (calculated in accordance with Insurance Company – Overall Resources and Valuation) sufficient to cover the with-profits policy liabilities in respect of all of the business written in, or transferred into, that with-profits fund.

2.2

01/01/2016

A friendly society must ensure that it holds assets in each of its with-profits funds of a value (calculated in accordance with Friendly Society – Asset Valuation) sufficient to cover the with-profits policy liabilities in respect of all of the business written in, or transferred into, that with-profits fund.