Part

Large Non-Solvency II Firms – Senior Insurance Managers Regime – Transitional Provisions

Chapter

Table of Equivalent Functions for Grandfathering

Printed on: 30/04/2024

Rulebook at: 12/10/2016

6

Table of Equivalent Functions for Grandfathering

6.1

The senior insurance management functions set out in column 2 of the table are specified as equivalent functions, in each case in relation to the pre-implementation controlled functions set out in the corresponding row in column 1 of the table below.

  • 16/12/2015

6.2

The FCA functions set out in column 3 of the table are specified as equivalent functions, in each case in relation to the pre-implementation controlled functions set out in the corresponding row of column 1 of the table below.

Column 1Column 2Column 3
PRA or FCA Controlled FunctionPRA Senior Insurance Management FunctionFCA Function
Director (CF1) Chief Finance function (SIMF2)
Chief Risk function (SIMF4)
Head of Internal Audit function (SIMF5)
Group Entity Senior Insurance Manager function (SIMF7)
Chief Actuary function (SIMF20)
Chief Underwriting Officer function (SIMF22)		 FCA Director function (CF1)
(see Note)
Non-executive director (CF2) Group Entity Senior Insurance Manager function (SIMF7)
Chairman function (SIMF9)
Chair of the Risk Committee function (SIMF10)
Chair of the Audit Committee function (SIMF11)
Chair of the Remuneration Committee function (SIMF12)
Senior Independent Director function (SIMF14)		 Chair of the Nomination Committee function (CF2a)
Chair of the With-Profits Committee function (CF2b)
(see Note)
Chief executive (CF3) Chief Executive function (SIMF1)
Director of unincorporated association (CF5) Chief Finance function (SIMF2)
Chief Risk function (SIMF4)
Head of Internal Audit function (SIMF5)
Group Entity Senior Insurance Manager function (SIMF7)
Chief Actuary function (SIMF20)
Chief Underwriting Officer function (SIMF22)
Chairman function (SIMF9)
Chair of the Risk Committee function (SIMF10)
Chair of the Audit Committee function (SIMF11)
Chair of the Remuneration Committee function (SIMF12)
Senior Independent Director function (SIMF14)		 FCA Director of unincorporated association function (CF5)
Chair of the Nomination Committee function (CF2a)
Chair of the With-Profits Committee function (CF2b)
(See Note)
Small friendly society (CF6) Chief Finance function (SIMF2)
Chief Risk function (SIMF4)
Head of Internal Audit function (SIMF5)
Group Entity Senior Insurance Manager function (SIMF7)
Chief Actuary function (SIMF20)
Chief Underwriting Officer function (SIMF22)
Chairman function (SIMF9)
Chair of the Risk Committee function (SIMF10)
Chair of the Audit Committee function (SIMF11)
Chair of the Remuneration Committee function (SIMF12)
Senior Independent Director function (SIMF14)		 FCA Small friendly society function (CF6)
Chair of the Nomination Committee function (CF2a)
Chair of the With-Profits Committee function (CF2b)
(see Note)
Actuary (CF12) Chief Actuary function (SIMF20)
With-Profits Actuary (CF12A) With-Profits Actuary function (SIMF21)
Systems and Controls (CF28) Chief Finance function (SIMF2)
Chief Risk function (SIMF4)
Head of Internal Audit function (SIMF5)
Significant management (CF29) Group Entity Senior Insurance Manager function (SIMF7)
Chief Actuary function (SIMF20) (general insurance firms only)
Chief Underwriting Officer function (SIMF22)
Swiss General Insurers
PRA or FCA Controlled FunctionPRA Senior Insurance Management FunctionFCA Function
Director (CF1) Chief Finance function (SIMF2)
Chief Risk function (SIMF4)
Head of Internal Audit function (SIMF5)
Group Entity Senior Insurance Manager function (SIMF7)
Head of Third Country Branch function (SIMF19)
Chief Actuary function (SIMF20)
Chief Underwriting Officer function (SIMF22)		 FCA Director function (CF1)
(see Note)
Non-executive director (CF2) Group Entity Senior Insurance Manager function (SIMF7)
Chairman function (SIMF 9)
Senior Independent Director function (SIMF 14)
Chair of the Risk Committee function (SIMF 10)
Chair of the Audit Committee function (SIMF 11)
Chair of the Remuneration Committee function (SIMF 12)
Chief executive (CF3) Head of Third Country Branch function (SIMF19)
Systems and controls (CF28) Chief Finance function (SIMF2)
Chief Risk function (SIMF4)
Head of Internal Audit function (SIMF5)		 FCA Systems and Controls (CF28)
(see Note)
FCA Significant management (CF29) Chief Underwriting Officer function (SIMF22)
Group Entity Senior Insurance Manager (SIMF7)

Note: See SUP TP 7.2.3 R in the FCA Handbook.

  • 15/02/2016

6.3

  1. (1) If, in relation to a firm, a senior insurance management function holder with continued approval also performs FCA activities on and from the commencement date, performance of the senior insurance management function will include the performance of those FCA activities provided that the firm has included details of the FCA activities in a scope of responsibilities form for that senior insurance management function holder which is provided to the PRA by 7 September 2016 in accordance with Large Non-Solvency II Firms – Key Function Holder – Notifications 5.3.
  2. (2) If, in relation to a firm, a senior insurance management function holder with continued approval has been performing FCA activities in the circumstances set out in (1), and that person:
    1. (a) ceases to perform the senior insurance management function;
    2. (b) within three months of ceasing performance, is approved to perform a new senior insurance management function at the firm; and
    3. (c) continues to perform the FCA activities,
    4. performance of the new senior insurance management function will include the performance of those FCA activities, provided:
    5. (d) the PRA’s approval to perform that senior insurance management function continues in force;
    6. (e) the firm makes the notification required by SUP10A.11.12 R (4) of the FCA Handbook; and
    7. (f) that person performs and is continuing to perform the FCA activities.
  • 12/10/2016

6.4

If a senior insurance management function holder to whom 6.3 applies ceases to perform a senior insurance management function but continues to perform the FCA activities, 6.3(1)will continue to apply in respect of the performance of the FCA activities until the earlier of:

  1. (1) approval by the FCA in respect of the performance by that person of those FCA activities as an FCA governing function in relation to the firm; or
  2. (2) three months from the time that the person ceased to perform that senior insurance management function.
  • 16/12/2015

6.5

The PRA directs that a firm must not specify in the grandfathering notification that any person shall perform any combination of senior insurance management functions which is prohibited by any other provision of the PRA Rulebook or the FCA Handbook.

  • 16/12/2015