Prudential Regulation Authority Rulebook

1.1

Unless otherwise stated, this Part applies to a firm that, on the effective date, has a Part 4A permission for effecting contracts of insurance or carrying out contracts of insurance and which will with effect from 1 January 2016 be:

1. (1) a small non-directive insurer; or
2. (2) a run-off firm.

1.2

In this Part, the following definitions shall apply:

candidate

means a person in respect of whom a firm has made a pending application.

commencement date

means 7 March 2016.

continued approval

means approval to perform a senior insurance management function under section 59 of FSMA, granted pursuant to a grandfathering notification.

effective date

means 16 December 2015.

equivalent function

means a senior insurance management function or an FCA function that, in either case, is specified in 6 as equivalent for the purposes of articles 2(3)(b) and 11(c) of the Transitional Order, to a pre-implementation controlled function.

FCA activities

means a function which would, except for SUP TP 8.2.3R of the FCA Handbook, be an FCA governing function.

FCA controlled function

means a controlled function specified by the FCA under section 59 of FSMA.

FCA function

means any of the functions specified in column 3 (FCA controlled functions) of the table set out in 6.

FCA governing function

has the meaning given in SUP 10A.4.4R of the FCA Handbook.

grandfathering notification

means a notice required to be sent to the PRA under article 2(1) or 11(b) of the Transitional Order, including any update to such a notice.

non-executive director

means a director of a firm who does not perform an executive function in relation to that firm.

pending application

means an application for approval under section 60 of FSMA which:

1. (1) has been received by the FCA or PRA from the firm on or before the commencement date, and
2. (2) has not been determined or withdrawn.

pre-implementation controlled function

means any of the controlled functions listed in column 1 of the table in 6.

run-off firm

has the meaning given in Non-Solvency II Firms – Transitional Measures.

scope of responsibilities form

has the meaning given in Non-Solvency II Firms - Senior Insurance Managers Regime - Applications and Notifications.

senior insurance management function

means a function specified as a controlled function in Non-Solvency II Firms - Senior Insurance Management Functions 2 in relation to the carrying on of a regulated activity by a firm.

Transitional Order

means the Financial Services (Banking Reform) Act 2013 (Transitional and Savings Provisions) Order 2015 (SI 2015/492), as amended by the Financial Services (Banking Reform) Act 2013 (Transitional and Savings Provisions) (Amendment) Order 2015 (SI 2015/1660).