Insurance - Senior Management Functions Group Entities

Application provision

1.1 The changes to this rule are effective from 23:00 on 31/12/2020.

Unless otherwise stated, this Part applies to:

  1. (1) a UK Solvency II firm;
  2. (2) in accordance with Insurance General Application 3, the Society, as modified by 11;
  3. (3) in accordance with Insurance General Application 3, managing agents, as modified by 11;
  4. (4) a third country branch undertaking (other than a Swiss general insurer);
  5. (5) a UK ISPV, in accordance with 12; and
  6. (6) a third country insurance services provider.

5.1

10/12/2018

The Group Entity Senior Manager function (SMF7) is the function of having a significant influence on the management or conduct of one or more aspects of the affairs of a firm in relation to its regulated activities (other than in the course of the performance of another PRA senior management function) and which is performed by a person employed by, or an officer of:

  1. (1) a parent undertaking or holding company of a firm; or
  2. (2) another undertaking which is a member of the firm’s group.