Glossary

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Term Definition Legal instruments

key function

07/03/2016

(1) in relation to a UK Solvency II firm, the Society, a managing agent, a UK ISPV and a large non-directive insurer means each of the following in relation to the carrying on of a regulated activity by the firm:

(a) the risk-management function;

(b) the compliance function;

(c) the internal audit function;

(d) the actuarial function;

(e) the function of effectively running the firm; and

(f) any other function which is of specific importance to the sound and prudent management of the firm;

(2) in relation to a third country branch undertaking means, in relation to the carrying on of a regulated activity by the third country branch undertaking, each of the following functions performed in relation to the operations effected by the third country branch or, for a UK-deposit insurer, in relation to the operations effected by the third country branch and all the third country undertaking EEA branches:

(a) the risk-management function;

(b) the compliance function;

(c) the internal audit function;

(d) the actuarial function;

(e) the function of effectively running the operations effected by the third country branch or, for a UK-deposit insurer, the operations effected by the third country branch and all the third country undertaking EEA branches;

(f) the function of being the authorised UK representative; and

(g) any other function which is of specific importance to the sound and prudent management of the third country branch or, for a UK-deposit insurer, the operations effected by the third country branch and all the third country undertaking EEA branches.