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Application provision

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 6;
  3. (3) in accordance with Insurance General Application 3, managing agents, as modified by 6;
  4. (4) a third country branch undertaking (other than a Swiss general insurer); and
  5. (5) a UK ISPV, in accordance with 7

2.1

10/12/2018

A firm (other than a third country branch undertaking, a small run-off firm or a UK ISPV) must allocate each of the prescribed responsibilities set out in 3.1 (other than 3.1(10) and (11)) to one or more persons who, in relation to that firm, are approved under section 59 of FSMA by:

  1. (1) the PRA to perform a PRA senior management function; or
  2. (2) in relation to relevant senior management functions only, the FCA.

2.2

10/12/2018

A firm (other than a third country branch undertaking, a small run-off firm or a UK ISPV) must allocate each of the prescribed responsibilities set out in 3.1(10) and (11) and the prescribed responsibility set out in 3.3, if applicable, to one or more non-executive directors who perform:

  1. (1) a PRA senior management function set out in Insurance – Senior Management Functions 4; or
  2. (2) an FCA governing function at that firm.

2.3

10/12/2018

third country branch undertaking (other than a Swiss general insurer) must allocate each of the prescribed responsibilities set out in 3.1(A1) to 3.1(1), (4), (5), (6), (7) and (12) and each of the third country branch prescribed responsibilities to one or more persons who, in relation to that firm, are approved under section 59 of FSMA by:

  1. (1) the PRA to perform a PRA senior management function; or
  2. (2) in relation to relevant senior management functions only, the FCA.

2.4

10/12/2018

A small run-off firm must allocate each of the prescribed responsibilities set out in 3.2 to one or more persons who, in relation to that small run-off firm, are approved under section 59 of FSMA by:

  1. (1) the PRA to perform a PRA senior management function; or
  2. (2) in relation to relevant senior management functions only, the FCA.

2.5

10/12/2018

A UK ISPV must allocate each of the prescribed responsibilities set out in 3.1(A1) to 3.1(A3) to one or more persons who, in relation to that firm, are approved under section 59 of FSMA by:

  1. (1) the PRA to perform a PRA senior management function; or
  2. (2) in relation to relevant senior management functions only, the FCA.

2.6

10/12/2018

A firm must ensure that any responsibilities allocated to, and that form part of the responsibilities of, a person who performs a PRA senior management function in relation to the firm are consistent with the scope of that PRA senior management function and of any prescribed responsibilities, FCA responsibilities and other responsibilities allocated to that person.