3
Localisation and Deposit of Assets
3.1
A third country branch undertaking (except a third country branch undertaking that has a third country pure reinsurance branch) must hold in the UK assets required to cover the branch SCR.
- 31/12/2020
3.2
[Deleted.]
- 31/12/2020
3.3
A third country branch undertaking (except a third country branch undertaking that has a third country pure reinsurance branch) must hold on deposit as security in the UK with a CRD credit institution assets of an amount equal to at least one quarter of the absolute floor of the MCR set out in Minimum Capital Requirement 3.2.
[Note: Art. 162(2), Art. 166(4), Art. 167(1) and (2) of the Solvency II Directive]
- 31/12/2020