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Application provision

1.1 Unless otherwise stated, this Part applies to:

  1. (1) 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. (a) a UK Solvency II firm;
    2. (b) a third country branch undertaking (other than a Swiss general insurer); or
    3. (c) a UK ISPV;
  2. (2) the Society, as modified by 9; and
  3. (3) managing agents, as modified by 9.

3.1

01/10/2015

Where a grandfathering notification is required pursuant to 2.1, a firm must ensure that it sets out the following details in respect of each approved person or candidate:

  1. (1) each of the pre-implementation controlled functions for which the person is approved, or (in the case of a candidate) has a pending application, in relation to the firm;
  2. (2) each senior insurance management function to be performed by the person on and after the commencement date in relation to the firm; and
  3. (3) each FCA function (if any) to be performed by the person on and after the commencement date in relation to the firm.

3.2

19/08/2015

The PRA directs that a firm must not specify in a grandfathering notification a senior insurance management function or FCA function for a person which is not an equivalent function in the table in 6 or the table in SUP TP 7.2.3R in the FCA Handbook in relation to:

  1. (1) (for an approved person) any pre-implementation controlled functions for which the person has approval in relation to the firm; or
  2. (2) (for a candidate) any pre-implementation controlled functions in respect of which there is a pending application.

3.3

19/08/2015

The PRA directs that a firm must list in the grandfathering notification each approved person or candidate who, on the commencement date, will be acting in the capacity of a non-executive director but who will not be performing a senior insurance management function or FCA function.