Prudential Regulation Authority Rulebook

1.1

Unless otherwise stated, this Part applies to:

1. (1) a UK Solvency II firm;
2. (2) in accordance with Insurance General Application 3, the Society, as modified by 5;
3. (3) in accordance with Insurance General Application 3, a managing agent, as modified by 5;
4. (4) a third country branch undertaking (other than a Swiss general insurer); and
5. (5) a UK ISPV.

1.2

In this Part, the following definitions shall apply:

commencement date

has the meaning given in Senior Insurance Managers Regime – Transitional Provisions.

continuing approval

has the meaning given in the Transitional Order.

grandfathering key function holder

means, in relation to a firm, a key function holder who is seeking continuing approval.

grandfathering notification

has the meaning given in Senior Insurance Managers Regime – Transitional Provisions.

key function holder notification form

means Form M.

new SIMF applicant

means, in relation to a firm, a key function holder (other than a grandfathering key function holder) who submits an application for a senior insurance management function prior to the commencement date.

notified non-executive director

means a non-executive director of a firm who is not an approved person in relation to that firm.

senior insurance management approval application

means an application for approval to perform a senior insurance management function under section 59 of FSMA.

transitional key function holder

means, in relation to a firm, a person who is a key function holder as at 1 January 2016.

transitional notified non-executive director

means, in relation to a firm, a person who is approved to perform controlled function CF2 or CF5 on 6 March 2016 and who will be a notified non-executive director at that firm on the commencement date.

Transitional Order

has the meaning given in Senior Insurance Managers Regime – Transitional Provisions.