Prudential Regulation Authority Rulebook

4.1

A third country branch undertaking (except a UK-deposit insurer and an EEA-deposit insurer) must:

1. (1) calculate a branch SCR; and
2. (2) cover the branch SCR with eligible own funds.

4.2

A third country branch undertaking (except a UK-deposit insurer and an EEA-deposit insurer) must:

1. (1) calculate a branch MCR; and
2. (2) cover the branch MCR with eligible own funds.

4.3

For the purposes of the calculations referred to in 4.1(1) and 4.2(1), the third country branch undertaking must take account only of the operations effected by the third country branch.

4.4

A UK-deposit insurer must:

1. (1) calculate an EEA SCR; and
2. (2) cover the EEA SCR with eligible own funds.

4.5

A UK deposit insurer must:

1. (1) calculate an EEA MCR; and
2. (2) cover the EEA MCR with eligible own funds.

4.6

For the purposes of the calculations referred to in 4.4(1) and 4.5(1), the UK-deposit insurer must take account only of the operations effected by the third country branch and all the third country undertaking EEA branches.

[Note: Art. 166(1), (2) and (3) and Art. 167(1) of the Solvency II Directive]