Prudential Regulation Authority Rulebook

1.1

Unless otherwise stated, this Part applies to a UK Solvency II firm carrying on with-profits insurance business.

1.2

In this Part, the following definitions shall apply:

surplus funds

means, in relation to a with-profits fund, accumulated profits which have not been made available for distribution to policyholders or other beneficiaries and which:

1. (1) satisfy the criteria for classification as Tier 1 own funds set out in Own Funds 3.1; and
2. (2) are represented by the output of the calculations set out in 3.

with-profits assets

means the assets in a with-profits fund except those meeting liabilities in respect of non-profit insurance.