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Large Non-Solvency II Firms – Conduct Standards Scope of Conduct Standards

Application provision

1.1 Unless otherwise stated, this Part applies to:

  1. (1) a large non-directive insurer;
  2. (2) a Swiss general insurer; and
  3. (3) in relation to any of the foregoing firms, any person who is:
    1. (a) a Conduct Rules non-executive director;
    2. (b) an employee of a firm who is a key function holder;
    3. (c) a certification employee (other than a key function holder);
    4. (d) approved under section 59 of FSMA by either:
      1. (i) the PRA;
      2. (ii) the FCA, in relation to a relevant senior management function;
    5. (e) an employee who should have been approved under section 59 of FSMA by either:
      1. (i) the PRA; or
      2. (ii) the FCA, in relation to a relevant senior management function; or
    6. (f) an employee who is performing a function that would have been a controlled function but for Large Non-Solvency II Firms – Senior Management Functions 2.4.

2.1

10/12/2018

If you are a natural person who is:

  1. (1) an employee of a firm who is a key function holder; or
  2. (2) approved under section 59 of FSMA by either:
    1. (a) the PRA; or
    2. (b) the FCA, in relation to a relevant senior management function,

 you must comply at all times with all of the conduct standards.

2.1A

03/07/2017

If you are a Conduct Rules non-executive director, you must comply at all times with the conduct standards specified in 3.1 to 3.3, 3.7 and 3.8.

2.1B

10/12/2018

If you are an employee of a type specified in 1.1(3)(c), (e) or (f) you must comply at all times with the conduct standards specified in 3.1 to 3.3.

2.2

10/12/2018

A firm must require:

  1. (1) any person performing a key function to observe the conduct standards specified in 3.1 to 3.3;
  2. (2) any key function holder (other than a notified non-executive director) to observe the conduct standards specified in 3.4 to 3.8, in addition to complying with (1);
  3. (3) any notified non-executive director to observe the conduct standards specified in 3.7 and 3.8, in addition to complying with (1); and
  4. (4) an employee of a type specified in 1.1(3)(c), (e) or (f) to observe the conduct standards specified in 3.1 to 3.3.