s 322 Rules applicable to former underwriting members.
(1) The PRA may make rules imposing such requirements on persons to whom the rules apply as appear to it to be appropriate for protecting policyholders against the risk that those persons may not be able to meet their liabilities. (2) The rules may apply to— (a) former underwriting members generally; or (b) to a class of former underwriting member specified in them. (3) Section 319 applies to the making of proposed rules under this section as it applies to the giving of a proposed direction under section 316. (4) Part 9A (except sections 137T, 138F, 138G and 138H) does not apply to rules made under this section. (5) In the event that the activity of effecting or carrying out contracts of insurance as principal is not to any extent a PRA-regulated activity, the function conferred on the PRA by subsection (1) is exercisable instead by the FCA.