Insurance Company - Internal Contagion Risk Exclusive Use of Long-Term Insurance Assets
Application provision
1.1 Unless otherwise stated, this Part applies to a non-directive insurer, other than a non-directive friendly society.
5.1
01/01/2016
- (1) A firm must apply a long-term insurance asset only for the purposes of its long-term insurance business.
- (2) For the purposes of (1), applying an asset includes coming under any obligation (even if only contingently) to apply that asset.
5.2
01/01/2016
A firm must not agree to, or allow, any mortgage or charge on its long-term insurance assets other than in respect of a long-term insurance liability.