Application provision

1.1 Unless otherwise stated, this Part applies to:

  1. (1) every UK Solvency II firm:
    1. (a) that is a member of a group for which the PRA is the group supervisor;
    2. (b) that is a member of a group for which a supervisory authority (other than the PRA) is the group supervisor, subject to (c) and to the extent this Part gives effect to the Solvency II EEA implementing measures in the EEA State of its group supervisor; and
    3. (c) where the group supervisor of a group of which a firm is a member is a supervisory authority in an EEA State other than the UK, the requirements of the Solvency II EEA implementing measures in that EEA State apply to the firm in relation to its capacity as a member of that group;
  2. (2) in accordance with Insurance General Application 3, the Society as a mixed activity insurance holding company, as modified by 21; and
  3. (3) a UK holding company.

13.1

01/01/2016

The relevant insurance group undertakings must make every effort to remedy the deficiencies that led to the imposition of a capital add-on arising as a result of an internal model significant risk profile deviation or a significant system of governance deviation at the level of the group.

Additional Notes


[Note: Art. 232, Art. 233(6) and Art. 37(3) of the Solvency II Directive]

13.2

01/01/2016

The group SCR prior to the imposition of the capital add-on, together with the amount of the capital add-on imposed at the level of the group, will constitute the group’s group SCR.

Additional Notes


[Note: Art. 232, Art. 233(6) and Art. 37(5) of the Solvency II Directive]