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with-profits fund

      1. (1) for a firm that is not a Solvency II firm (except in INSPRU):
        1. (a) a long-term insurance fund (or that part of such a fund) in which policyholders are eligible to participate in any established surplus; and
        1. (b) where it is an insurer's usual practice to restrict policyholders' participation in any established surplus to that arising from only a part of the fund (or part fund) falling within (a), that part (or that part of the part fund).
      1. (2) for a Solvency II firm means a "with profits fund" as defined in the PRA Rulebook: Glossary.
      1. (3) for the purposes of INSPRU, a long-term insurance fund in which policyholders are eligible to participate in any established surplus.
Glossary Related Taxonomy Legal Instruments