(1) An Insurer must calculate its Financial Group Capital Requirement as the sum of the entity requirements calculated in accordance with (2) and (3);
(2) Entity requirements for this purpose are:
(a) an Authorised Person's Capital Requirement or Minimum Capital Requirement calculated in accordance with the requirements of whichever of the PRU or PIN Rulebook applies to that Authorised Person;
(b) in the case of regulated entities supervised by a regulator other than the Regulator, then, with the written agreement of the Regulator, the capital requirement of that entity; and
(c) for other entities in the Financial Group, a notional capital requirement calculated as directed by the Regulator.
(3) Where an Authorised Person's Financial Group includes an entity under (c) of the definition of Financial Group in the GLO Rulebook, that Financial Institution's capital requirement is include on a proportionate basis.
|Amended on (3 February, 2020).|