Prudential Regulation Authority Rulebook

1.1

Unless otherwise stated, this Part applies to:

1. (1) a UK Solvency II firm;
2. (2) in accordance with Insurance General Application 3.1, the Society; and
3. (3) in accordance with Insurance General Application 3.2, managing agents.

1.2

In this part, the following definitions shall apply:

attestation reference date

means:

1. (1) where 9.1(2)(a) applies, the effective date of the firm’s SFCR; or
2. (2) where 9.1(2)(b) applies, a date no later than three months after the date of the material change in risk profile.

eligible element

means a portion of insurance or reinsurance obligations forming part of a wider contract of insurance or reinsurance contract and which:

1. (1) comprises:
   1. (a) the guaranteed element of a with-profits policy that is either an immediate annuity or a deferred annuity; or
   2. (b) the in-payment element of a group death in service dependants’ annuity or an income protection policy,

in each case, where the element can be organised and managed separately in accordance with regulation 4(6) of the IRPR regulations; and

1. (2) would otherwise meet the matching adjustment eligibility conditions, but for the fact that it forms part of a contract of insurance or reinsurance contract which does not so comply, when taken as a whole. 

exposure limit

means any limit that forms part of the firm’s matching adjustment permission in respect of the inclusion of a particular asset or assets in the relevant portfolio of assets.

highly predictable

has the meaning given to that term in Matching Adjustment 5.3.