1
Application and Definitions
1.1
Unless otherwise stated, this Part applies to;
- (1) a non-directive insurer, other than a non-directive friendly society; and
- (2) subject to 1.2, a Swiss general insurer.
- 01/01/2016
1.2
This Part only applies to a Swiss general insurer in respect of the activities of the firm carried on from a branch in the UK.
- 01/01/2016
1.3
This Part applies to a firm in relation to the whole of its business, except where a particular provision provides for a narrower scope.
- 01/01/2016
1.4
Where a firm carries on both long-term insurance business and general insurance business, this Part applies separately to each type of business.
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1.5
In this Part, the following definitions shall apply:
means the risk that the assets held by a firm:
- (1) (where they are admissible assets held by the firm to cover its technical provisions) might not be:
- (a) of a value at least equal to the amount of those technical provisions as required by Insurance Company – Technical Provisions 4.1; or
- (b) of appropriate safety, yield and marketability as required by Insurance Company – Technical Provisions 6.2(1); or
- (c) of an appropriate currency match as required by 3.2;
- (2) (where they are held to cover index-linked liabilities) might not be appropriate cover for those liabilities as required by 4.2; and
- (3) (where they are held to cover property-linked liabilities) might not be appropriately selected in accordance with the requirements of INSPRU 1.5.36 R of the FCA Handbook and appropriate cover for those liabilities as required by 4.2.
means assets held to cover linked long-term liabilities 4.2.
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