Regulatory Alerts2021-10-21
Guidance Note for Licensed Insurers on Category 6 - Non-Special Purpose Insurers
The Commission issued this guidance to define criteria for Non-Special Purpose Insurers seeking Category 6 classification under the Insurance Business (Solvency) Rules 2021. It mandates that such entities remain fully funded at all times and may require up to £100,000 in paid-up share capital to mitigate basis risk. The document further requires applicants to justify ownership structures and implement robust contingency funding plans for orderly wind-downs.
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