The Insurance and Reinsurance Undertakings (Prudential Requirements) Regulations 2023
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Change 1
13 Effect of designation: insurance group capital requirements calculation
(1) This regulation has effect where regulations are in force under regulation 11 in respect of an overseas jurisdiction (“the relevant overseas jurisdiction”) in relation to this regulation. (2) Where this regulation has effect and paragraph (3) does not apply, the PRA must permit an insurance group that contains an overseas insurance undertaking or overseas reinsurance undertaking in the relevant overseas jurisdiction to take account of the law of the relevant overseas jurisdiction in the areas mentioned in paragraph (4) for the purposes of calculating the insurance group’s capital requirements. (3) This paragraph applies where the PRA requires an insurance group to calculate its capital requirements on the basis exclusively of consolidated accounts (referred to as method 1 in the PRA rules). (4) The areas of law mentioned in this paragraph are— (a) the level of regulatory capital required to be held, and (b) the types of capital eligible to meet that level.
13 Effect of designation: insurance group capital requirements calculation
(1) This regulation has effect where regulations are in force under regulation 11 in respect of an overseas jurisdiction (“the relevant overseas jurisdiction”) in relation to this regulation. (2) Where this regulation has effect and paragraph (3) does not apply, the PRA must permit an insurance group that contains an overseas insurance undertaking or overseas reinsurance undertaking in the relevant overseas jurisdiction to take account of the law of the relevant overseas jurisdiction in the areas mentioned in paragraph (4) for the purposes of calculating the insurance group’s capital requirements. (3) This paragraph applies where the PRA requires an insurance group to calculate its capital requirements on the basis exclusively of consolidated accounts (referred to as method 1 in the PRA rules). (4) The areas of law mentioned in this paragraph are— (a) the level of regulatory capital required to be held, and (b) the types of capital eligible to meet that level.
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