Prudential Regulation Authority Rulebook

2.1

In the PRA Rulebook, the Solvency II rules apply to a UK Solvency II firm. They also apply to Lloyd’s by virtue of the application of various provisions to the Society and, where specified, to managing agents (see Insurance General Application 3).  The Lloyd’s instrument of the PRA Rulebook contains provisions relevant to the application of the rules transposing the Solvency II Directive and certain other rules to Lloyd’s. It also contains rules regarding the application of the Solvency II Regulations to Lloyd’s, consistent with the approach adopted in Insurance General Application 3.

2.2

Though a firm might otherwise be excluded from the scope of ‘UK Solvency II firm’ under Insurance General Application 2.2, the provisions in the Solvency II rules will apply if the firm’s Part 4A permission includes a requirement that it must comply with the Solvency II rules. This will be the case where a firm has opted in to the Solvency II regime or where a firm might otherwise be excluded pursuant to the Solvency II Directive but the PRA has decided to apply the Solvency II rules to that firm.