7

Phasing-in Plan

7.1

A firm with TMTP Permission must:

  1. (1) immediately inform the PRA as soon as it observes that the SCR would no longer be complied with without the application of TMTP;
  2. (2) take the measures necessary to achieve compliance with the SCR by 1 January 2032; and
  3. (3) within two months from the observation referred to in (1), submit a phasing-in plan to the PRA.

7.2

A firm’s phasing-in plan must set out the planned measures to establish the level of eligible own funds covering the SCR or reduce its risk profile to ensure compliance with the SCR by 1 January 2032.

7.3

A firm that updates its phasing-in plan must submit the updated phasing-in plan to the PRA within two months of updating its phasing-in plan.

7.4

A firm that is required to submit a phasing-in plan in accordance with 7.1(3) must submit annually a report to the PRA setting out the measures taken and progress made to comply with the SCR by 1 January 2032.