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Application provision

1.1 Unless otherwise stated, this Part applies to:

1.1

07/03/2016

Unless otherwise stated, this Part applies to:

  1. (1) a large non-directive insurer; and
  2. (2) a Swiss general insurer.

1.2

07/03/2016

In this Part, the following definitions shall apply:

commencement date

has the meaning given in Large Non-Solvency II Firms – Senior Insurance Managers Regime – Transitional Provisions.

continuing approval

has the meaning given in the Transitional Order.

grandfathering key function holder

means, in relation to a firm, a key function holder who is seeking continuing approval.

grandfathering notification

has the meaning given in Large Non-Solvency II Firms – Senior Insurance Managers Regime – Transitional Provisions.

key function holder notification form

means Form M.

new SIMF applicant

means, in relation to a firm, a key function holder (other than a grandfathering key function holder) who submits an application for a senior insurance management function prior to the commencement date.

notified non-executive director

means a non-executive director of a firm who is not an approved person in relation to that firm.

scope of responsibilities form

means the form containing the information referred to in Large Non-Solvency II Firms – Allocation of Responsibilities 5.1(3).

transitional key function holder

means, in relation to a firm, a person who is a key function holder as at 7 March 2016.

transitional notified non-executive director

means, in relation to a firm, a person who is approved to perform controlled function CF2 or CF5 on 6 March 2016 and who will be a notified non-executive director at that firm on the commencement date.

Transitional Order

has the meaning given in Large Non-Solvency II Firms – Senior Insurance Managers Regime – Transitional Provisions.