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Application provision

1.1 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 6;
  3. (3) in accordance with Insurance General Application 3, managing agents, as modified by 6;
  4. (4) a third country branch undertaking (other than a Swiss general insurer); and
  5. (5) a UK ISPV, in accordance with 7



A firm must identify:

  1. (1) each of the functions that the firm considers to be a key function; and
  2. (2) any such key function that amounts to effectively running the firm (or, for a third country branch undertaking other than a Swiss general insurer, 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).



firm must keep its identification of key functions pursuant to 4.1 up-to-date.



A firm must keep a record of its reasoning for the identification of key functions pursuant to 4.1.