Prudential Regulation Authority Rulebook

6.1

This Chapter applies only to a firm that is a third country branch undertaking or a third country insurance services provider (other than a Swiss general insurer).

6.1A

1. (1) 6.2, 6.3, 6.4 and 6.5 shall not apply to a SRO firm.
2. (2) 6.6 and 6.7 apply only to a SRO firm.

6.2

The Head of Third Country Branch function (SMF19) is the function of having responsibility for:

1. (1) the conduct of all activities of the third country branch undertaking that are subject to the regulatory system; or
2. (2) the conduct of all activities of the third country insurance services provider that are subject to the regulatory system.

6.3

1. (1) A third country branch undertaking or a third country insurance services provider must have at least one person approved to perform the Head of Third Country Branch function.
2. (2) If a vacancy arises in respect of the Head of Third Country Branch function, a third country branch undertaking or a third country insurance services provider must ensure that it appoints a person to fill that vacancy as soon as possible.

6.4

A third country branch undertaking or a third country insurance services provider that transacts with-profits insurance business must have at least one person approved to perform the With-Profits Actuary function (SMF20a).

6.5

A third country branch undertaking or a third country insurance services provider is not required to have any person(s) approved to perform any of the other PRA senior management functions.

6.6

A SRO firm must ensure that at least one person performs the Head of Third Country Branch Function on its behalf and if a vacancy arises in respect of that function it must ensure that it appoints a person to fill the vacancy as soon as possible.

6.7

For the purposes of 6.6 the Head of Third Country Branch Function (SMF 19) is the function of having responsibility to oversee the orderly run-off of the firm's regulated activities in the UK.