Glossary
The Rulebook Glossary contains defined terms used in more than one Part across the PRA Rulebook.
The full Glossary can be downloaded as a PDF or printed using the icons to the right.
| Term | Definition | Legal instruments for this definition |
|---|---|---|
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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; (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. |
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01/01/2016 |
means any person who is responsible for discharging a key function. |