Prudential Regulation Authority Rulebook

2.1

A firm, other than a friendly society, must ensure that it holds admissible assets in each of its with-profits funds of a value (calculated in accordance with Insurance Company – Overall Resources and Valuation) sufficient to cover the with-profits policy liabilities in respect of all of the business written in, or transferred into, that with-profits fund.

2.2

A friendly society must ensure that it holds assets in each of its with-profits funds of a value (calculated in accordance with Friendly Society – Asset Valuation) sufficient to cover the with-profits policy liabilities in respect of all of the business written in, or transferred into, that with-profits fund.