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Application provision

1.1 Unless otherwise stated, this Part applies to:

1

Application and Definitions

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

10/12/2018

In this Part, the following definitions shall apply:

key function holder notification form

means Form M.

2

Key Function Holder Notification

2.1

10/12/2018

[Deleted.]

2.2

07/03/2016

A firm must provide the information required by Large Non-Solvency II Firms – Fitness and Propriety 4.1 for each key function holder as soon as reasonably practicable after the appointment of the key function holder.

2.3

07/03/2016

The PRA directs that, subject to 2.4, the information referred to in 2.2 must be provided to the PRA in the key function holder notification form in accordance with 3.3.

2.4

10/12/2018

The PRA directs that:

  1. (1) where the key function holder is to be approved by the PRA to perform a PRA senior management function, the firm must provide the information referred to in 2.2 to the PRA in whichever Form is required for the PRA senior management approval application, pursuant to Large Non-Solvency II Firms – Senior Managers Regime - Applications and Notifications 2, which must be accompanied by a statement of responsibilities form; and
  2. (2) where the key function holder is to be approved by the FCA to perform an FCA controlled function, the firm is not required to submit a key function holder notification form to the PRA to the extent the firm provides the information referred to in 2.2 to the FCA as part of the application to the FCA, with a statement of responsibilities form.

3

Procedure for Making Applications and Notifications

3.1

07/03/2016

The PRA directs that, save as required by 3.2 and 3.3, a firm must make any applications, notifications or submissions required by this Part by submitting the form specified using the ONA system.

3.2

07/03/2016

If, under any direction or rule in this Part:

(1) a firm is required to make an application, notification or submission online; and

(2) the information technology systems used by the PRA fail and online submission is unavailable for 24 hours or more,

until such time as facilities for online submission are restored, a firm must submit the specified form in the way set out in Notifications 7.

3.3

10/12/2018

The notifications required under 2.3 should be submitted in accordance with Notifications 7.

4

Forms

4.1

10/12/2018

The key function holder notification form, Form M, may be found here.

5

Transitional Arrangements for Key Function Holders [deleted chapter]