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Term Definition Legal instruments

with-profits policy liabilities

01/01/2016

(1) (for a UK Solvency II firm) means, in relation to a with-profits fund, the value of policies liabilities attributable to with-profits policies (excluding any liabilities relating to non-profit insurance associated with such policies) set out in, and calculated on the basis prescribed by Surplus Funds 3.3 or, if applicable, 3.4 and (in either case) having also made adequate provisions for amounts representing future policy-related liabilities;

(2) (for a non-directive insurer other than a friendly society) means, in relation to a with-profits fund, the value of mathematical reserves attributable to with-profits policies (excluding any liabilities relating to non-profit insurance associated with such policies) determined in accordance with the rules in Insurance Company – Mathematical Reserves;

(3) (for a non-directive friendly society) means, in relation to a with-profits fund, the value of mathematical reserves attributable to with-profits policies (excluding any liabilities relating to non-profit insurance associated with such policies) determined in accordance with the rules in Friendly Society – Liability Valuation.