Own Funds Eligibility and Limits Applicable to Tiers
Application provision
1.1 Unless otherwise stated, this Part applies to:
- (1) a UK Solvency II firm; and
- (2) in accordance with Insurance General Application 3, the Society.
4.1
01/01/2016
As far as compliance with its SCR is concerned at least the following conditions must be met:
- (1) more than one-third of the total amount of the firm’s eligible own funds is accounted for by Tier 1 own funds; and
- (2) less than one-third of the firm’s eligible own funds is accounted for by Tier 3 own funds.
4.2
01/01/2016
As far as compliance with its MCR is concerned, as a minimum more than 50% of the firm’s eligible own funds must be accounted for by Tier 1 own funds.