Glossary

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Term Definition Legal instruments

regulatory surplus value

01/01/2016

THIS DEFINITION ONLY APPLIES TO THE INSURANCE COMPANY – OVERALL RESOURCES AND VALUATION PART

means the sum of:

(1) the total capital after deductions of the undertaking; less

(2) the individual capital resources requirement of the undertaking,

where:

(a) only the proportion of the total number of shares issued by the undertaking held, directly or indirectly, by the firm is to be taken into account, or

(b) if the individual capital resources requirement of an undertaking that:

(i) has a Part 4A permission; and

(ii) is a subsidiary

exceeds total capital after deductions, then the full amount of the items referred to in (1) and (2) must be taken into account.