Prudential Regulation Authority Rulebook

2.1

This Chapter does not apply in relation to a:

1. (1) transitional key function holder, in relation to key functions held as at 1 January 2016;
2. (2) grandfathering key function holder, in relation to key functions held as at the commencement date;
3. (3) new SIMF applicant; or
4. (4) transitional notified non-executive director.

2.2

A firm must provide the information required by Insurance – Fitness and Propriety 4.1 for each key function holder as soon as reasonably practicable after the appointment of the key function holder.

2.3

The PRA directs that, subject to 2.4, the information referred to in 2.2 must be provided to the PRA in the key function holder notification form in accordance with 3.3.

2.4

The PRA directs that:

1. (1) where the key function holder is to be approved by the PRA to perform a senior insurance management function, the firm must provide the information referred to in 2.2 to the PRA in whichever Form is required for the senior insurance management approval application, pursuant to Senior Insurance Managers Regime - Applications and Notifications 2, which must be accompanied by a scope of responsibilities form; and
2. (2) where the key function holder is to be approved by the FCA to perform an FCA controlled function, the firm is not required to submit a key function holder notification form to the PRA to the extent the firm provides the information referred to in 2.2 to the FCA as part of the application to the FCA, with a scope of responsibilities form.