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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 11;
  3. (3) in accordance with Insurance General Application 3, managing agents, as modified by 11;
  4. (4) a third country branch undertaking (other than a Swiss general insurer); and
  5. (5) a UK ISPV, in accordance with 12.

4.1

10/12/2018

The Chair of the Governing Body function (SMF9) is the function of having responsibility for chairing, and overseeing the performance of the governing body of a firm.

4.2

10/12/2018

The Chair of Risk Committee function (SMF10) is the function of having responsibility for chairing, and overseeing the performance of any committee responsible for the oversight of the risk management system specified in Conditions Governing Business 3.

4.3

10/12/2018

The Chair of Audit Committee function (SMF11) is the function of having responsibility for chairing and overseeing the performance of any committee responsible for the oversight of the internal audit function specified in Conditions Governing Business 5.

4.4

10/12/2018

The Chair of Remuneration Committee function (SMF12) is the function of having responsibility for chairing and overseeing the performance of any committee responsible for the oversight of the design or implementation of the remuneration policies and practices of a firm.

4.5

10/12/2018

The Senior Independent Director function (SMF14) is the function of performing the role of a senior independent director, and having particular responsibility for leading the assessment of performance of the person performing the Chair of the Governing Body function.