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Application provision

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

3.1

10/12/2018

The Small Insurer Senior Management function (SMF 25) is the function of:

  1. (1) having responsibility for the conduct of the regulated activities; or
  2. (2) chairing the governing body,

of a small non-directive insurer.

3.2

07/03/2016

  1. (1) A firm must ensure that one or more persons performs the Small Insurer Senior Management function on its behalf.
  2. (2) A firm must ensure that there is a person appointed to the Small Insurer Senior Management function who has ultimate responsibility for the conduct of its regulated activities.
  3. (3) If a vacancy arises in respect of that aspect of the Small Insurer Senior Management function referred to in (2) above, a firm must ensure that it appoints a person to fill that vacancy as soon as practicable.