Prudential Regulation Authority Rulebook

11.1

1. (1) A third country insurance undertaking that has a composite third country branch must fulfil the requirements laid down in Composites 2 to 4 as modified by 11.2.
2. (2) Composites 3 and 4 do not apply to EEA-deposit insurers.

11.2

1. (1) The requirements referred to in 11.1 must be fulfilled taking account only of the operations effected by the third country branch and, in the case of a UK-deposit insurer, the operations effected by the third country branch and all the third country undertaking EEA branches.
2. (2) The reference to “SCR” in Composites 4.6 is to be interpreted as a reference to the branch SCR and, for a UK-deposit insurer, the EEA SCR.
3. (3) The notional life MCR, notional non-life MCR, the notional life SCR and notional non-life SCR referred to in the Composites Part of the PRA Rulebook shall be calculated taking account only of the operations effected by the third country branch and, in the case of a UK-deposit insurer, the operations effected by the third country branch and all the third country undertaking EEA branches.

[Note: Art. 169 of the Solvency II Directive]