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Application provision

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

1

Application and Definition

1.1

10/12/2018

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

1.2

10/12/2018

In this Part, the following definition shall apply:

employee

in relation to a firm, includes any person within the description set out in section 63E(9) of FSMA.

1.3

10/12/2018

This Part does not apply to a function performed by:

  1. (1) a PRA approved person;
  2. (2) a person who performs an FCA controlled function; or
  3. (3) a non-executive director in relation to their non-executive director function.

2

Certification Functions

2.1

10/12/2018

For the purposes of this Part, a function performed for a firm by a member of the governing body is a certification function.

2.2

10/12/2018

A function is only a certification function to the extent that the function relates to a regulated activity carried on by a firm.

3

Performance of Certification Functions

3.1

10/12/2018

[not used]

3.2

10/12/2018

A person does not perform a certification function for a firm under 2.1 if the person is performing any controlled function for that firm

3.3

10/12/2018

To the extent that:

  1. (1) a firm appoints a person to perform a function which, but for this rule, would be a certification function;
  2. (2) the appointment solely is to provide cover for a certification employee  whose absence is reasonably unforeseen; and
  3. (3) the appointment is for less than four weeks;

such a person does not perform a certification function.