Application provision

1.1 Subject to 1.2, this Part applies to a non-directive insurer carrying on with-profits insurance business.



If a firm is using, or intends to use, support arrangements to contribute to benefit security for the policyholders of a with-profits fund, it must ensure that:

  1. (1) all the terms and conditions governing those support arrangements, including the circumstances in which they take effect and the terms on which they are or may be repayable, are adequately documented in the firm’s records; and
  2. (2) the extent of any restrictions on the firm’s use of those support arrangements is clearly identified.