Undertakings in Difficulty Recovery Plan and Finance Scheme

Application provision

1.1 Unless otherwise stated, this Part applies to:

  1. (1) a UK Solvency II firm; and
  2. (2) in accordance with Insurance General Application 3, the Society, as modified by 6.

5.1

01/01/2016

Any recovery plan or finance scheme must at least include particulars or evidence concerning the following:

  1. (1) estimates of management expenses, in particular current general expenses and commissions;
  2. (2) estimates of income and expenditure in respect of direct business, reinsurance acceptances and reinsurance cessions;
  3. (3) a forecast balance sheet;
  4. (4) estimates of the financial resources intended to cover the technical provisions and the SCR and the MCR; and
  5. (5) the firm’s overall reinsurance policy.

[Note: Art. 142(1) of the Solvency II Directive]