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Application provision

1.1 Unless otherwise stated, this Part applies to a small non-directive insurer.

2.1

07/03/2017

A firm must allocate each of the small non-directive insurer prescribed responsibilities to one or more persons who, in relation to that firm, are approved under section 59 of FSMA by either:

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

2.2

07/03/2017

  1. (1) A firm must have and maintain up-to-date records of the significant responsibilities allocated to each of those persons, including those allocated in accordance with 2.1.
  2. (2) A firm must retain the records in (1) for six years from the date on which they were superseded by more up-to-date records.
  3. (3) A firm must comply with (2) in relation to any record created in accordance with SYSC 2.2.1R of the PRA Handbook as at 31 December 2015.

2.3

07/03/2017

The firm must provide the PRA with a copy of the records in 2.2 upon request.