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Application provision

6A.1 This Chapter applies only to a small run-off firm.

6A.1

12/09/2017

This Chapter applies only to a small run-off firm.

6A.2

10/12/2018

The Head of small run-off firm function (SMF26) 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 run-off firm.

6A.3

12/09/2017

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

6A.4

10/12/2018

A small run-off firm must have at least one person approved to perform the Chief Finance function (SMF2).

6A.5

10/12/2018

A small run-off firm that transacts with-profits insurance business must have at least one person approved to perform the With-Profits Actuary function (SMF20a).

6A.6

10/12/2018

A small run-off firm is not required to have any person(s) approved to perform any of the other PRA senior management functions.