Regulation 33 Margin of solvency of non-EC company whose head office is not in an EFTA State etc.: location of assets

Without prejudice to regulation 31 above—

(a)

the assets representing a United Kingdom margin of solvency maintained under section 32(2)(b) of the Act by a non-EC company whose head office is not in an EFTA State and which is not a Swiss general insurance company shall be kept—

(i)

up to an amount at least equal to the appropriate guarantee fund or minimum guarantee fund (whichever is the greater), within the United Kingdom, and

(ii)

as to the remainder, within the United Kingdom and the other EEA States, and

(b)

the assets representing an EEA margin of solvency maintained under section 32(3)(b) of the Act by a non-EC company whose head office is not in an EFTA State and which is not a Swiss general insurance company shall be kept—

(i)

up to an amount at least equal to the appropriate guarantee fund or minimum guarantee fund (whichever is the greater) within the EEA States where the company carries on business (or in any one or more of them), and

(ii)

as to the remainder, within the United Kingdom and the other EEA States.