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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.

10.1

01/01/2016

Subject to 10.2 and 10.3, the brought forward amount is the general insurance capital requirement for the prior financial year, multiplied, if the ratio is less than one, by the ratio (expressed as a percentage) of:

  1. (1) the technical provisions (calculated net of reinsurance) for claims outstanding at the end of the prior financial year; to
  2. (2) the technical provisions (calculated net of reinsurance) for claims outstanding at the beginning of the prior financial year.

10.2

01/01/2016

If the amount of the technical provisions (calculated net of reinsurance) in 10.1(1) and (2) is in both cases zero, the brought forward amount is the general insurance capital requirement for the prior financial year, multiplied, if the ratio is less than one, by the ratio (expressed as a percentage) of:

  1. (1) the technical provisions (calculated gross of reinsurance) for claims outstanding at the end of the prior financial year; to
  2. (2) the technical provisions (calculated gross of reinsurance) for claims outstanding at the beginning of the prior financial year.

10.3

01/01/2016

If the amount of the technical provisions (calculated gross of reinsurance) in 10.2(1) and (2) is in both cases zero, the brought forward amount is the general insurance capital requirement for the prior financial year.