3
Firms in run-off
3.1
The PRA expects firms in run-off, which consider that they meet the conditions set out in Transitional Measures 2, to inform the PRA of their assessment of their circumstances sufficiently before 1 January 2016, such that the PRA can determine whether it is satisfied that the conditions are met. In particular, the PRA will expect firms to have a credible plan for transferring or extinguishing all their existing insurance liabilities within the timescales specified in Transitional Measures 2.1 (1 January 2019 or 1 January 2021, according to their circumstances). Firms should note that, in order for these provisions to apply, the firm must not be part of a group containing any other insurer or reinsurer which is not also in run-off.
- 20/03/2015
3.2
The PRA will notify supervisory authorities in other Member States of those firms which it considers meet the transitional provisions.
- 20/03/2015