Prudential Regulation Authority Rulebook

2.1

For general insurance business, a firm must establish adequate technical provisions in accordance with Insurance Company – Overall Resources and Valuation 3.1.

2.2

For long-term insurance business, a firm must establish adequate technical provisions in respect of its contracts of long-term insurance as follows:

1. (1) for liabilities in respect of such contracts that have fallen due, in accordance with Insurance Company – Overall Resources and Valuation 3.1;
2. (2) otherwise, mathematical reserves in accordance with the Insurance Company – Mathematical Reserves Part of the PRA Rulebook and with due regard to generally accepted actuarial practice.