Prudential Regulation Authority Rulebook

2.1

If a firm decides to cease to effect new contracts of insurance in respect of the whole of its insurance business, it must, within 28 days of that decision, submit a run-off plan to the PRA including:

1. (1) a scheme of operations, in accordance with 3; and
2. (2) an explanation of how, or to what extent, all liabilities to policyholders will be met in full as they fall due.

2.2

For the purposes of 2.1, a new contract of insurance excludes contracts effected under a term in a subsisting contract of insurance.

2.3

A third country branch undertaking must apply the requirements in 2.1 and 2.2 taking account only of the operations effected by the third country branch.