[F1Article 378B U.K.
1. The PRA must not retain or introduce for the establishment of technical provisions a system with gross reserving which requires pledging of assets to cover unearned premiums and outstanding claims provisions where the reinsurer is a third-country insurance or reinsurance undertaking, situated in a country whose solvency regime is deemed to be equivalent to that laid down in the United Kingdom law which implemented the Solvency 2 Directive in accordance with Article 378A.]
Textual Amendments
F1 Arts. 378A, 378B inserted (31.12.2020) by The Solvency 2 and Insurance (Amendment, etc.) (EU Exit) Regulations 2019 (S.I. 2019/407), regs. 1(2), 11(92) (as amended by S.I. 2020/1385, regs. 1(2), 54(2)(4)(a) and with savings in S.I. 2019/680, reg. 11)