11
Separation of Long-Term Business and General Business
11.1
- (1) A third country insurance undertaking that has a composite third country branch must fulfil the requirements laid down in Composites 2 to 4 as modified by 11.2.
- (2) [deleted.]
- 31/12/2020
11.2
- (1) The requirements referred to in 11.1 must be fulfilled taking account only of the operations effected by the third country branch.
- (2) The reference to “SCR” in Composites 4.6 is to be interpreted as a reference to the branch SCR.
- (3) The notional life MCR, notional non-life MCR, the notional life SCR and notional non-life SCR referred to in the Composites Part of the PRA Rulebook shall be calculated taking account only of the operations effected by the third country branch.
[Note: Art. 169 of the Solvency II Directive]
- 31/12/2020