Transitional Provisions


A firm must ensure that the investigation referred to in 2.1 is completed in respect of the first financial year ending on or after 1 January 2017.


For the financial year ending on or before 31 December 2016, 2.3 does not apply and a firm must ensure that:

  1. (a) a certificate is given by the appropriate actuary, in the format of Form FSC4, that there has been no material change in its financial condition in respect of its insurance business since it last submitted an abstract to the PRA under rules 5.1(2) or 5.2(2) of IPRU(FSOC) as at 31 December 2015; or
  2. (b) a statement by the appropriate actuary that he is unable to provide such a certificate.