6
Head of Third Country Branch
6.1
This Chapter applies only to a firm that is a third country branch undertaking (other than a Swiss general insurer).
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6.2
The Head of Third Country Branch function (SMF19) is the function of having responsibility for the conduct of all activities of the third country branch undertaking that are subject to the regulatory system.
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6.3
- (1) A third country branch undertaking must have at least one person approved to perform the Head of Third Country Branch function.
- (2) If a vacancy arises in respect of the Head of Third Country Branch function, a third country branch undertaking must ensure that it appoints a person to fill that vacancy as soon as possible.
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6.4
A third country branch undertaking that transacts with-profits insurance business must have at least one person approved to perform the With-Profits Actuary function (SMF20a).
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6.5
A third country branch undertaking is not required to have any person(s) approved to perform any of the other PRA senior management functions.
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