Insurance - Conduct Standards Scope of Conduct Standards
Application provision
1.1 Unless otherwise stated, this Part applies to:
- (1) a UK Solvency II firm;
- (2) in accordance with Insurance General Application 3, the Society, as modified by 4;
- (3) in accordance with Insurance General Application 3, managing agents, as modified by 4;
- (4) a third country branch undertaking (other than a Swiss general insurer);
- (5) a UK ISPV; and
- (6) in relation to any of the foregoing firms, any person who is:
- (a) a Conduct Rules non-executive director;
- (b) an employee of a firm who is a key function holder;
- (c) a certification employee (other than a key function holder);
- (d) approved under section 59 of FSMA by either:
- (i) the PRA; or
- (ii) the FCA, in relation to a relevant senior management function;
- (e) an employee who should have been approved under section 59 of FSMA by either:
- (i) the PRA; or
- (ii) the FCA, in relation to a relevant senior management function; or
- (f) an employee who is performing a function that would have been a controlled function but for Insurance - Senior Management Functions 2.4.
2.1
10/12/2018
If you are a natural person who is:
- (1) an employee of a firm who is a key function holder; or
- (2) approved under section 59 of FSMA by either:
- (a) the PRA; or
- (b) the FCA, in relation to a relevant senior management function,
you must comply at all times with all of the conduct standards.
2.1A
03/07/2017
If you are a Conduct Rules non-executive director, you must comply at all times with the conduct standards specified in 3.1 to 3.3, 3.7 and 3.8.
2.1B
10/12/2018
If you are an employee of a type specified in 1.1(6)(c), (e) or (f) you must comply at all times with the conduct standards specified in 3.1 to 3.3.
2.2
10/12/2018
A firm must require:
- (1) any person performing a key function to observe the conduct standards specified in 3.1 to 3.3;
- (2) any key function holder (other than a notified non-executive director and an authorised UK representative) to observe the conduct standards specified in 3.4 to 3.8, in addition to complying with (1);
- (3) any notified non-executive director to observe the conduct standards specified in 3.7 and 3.8, in addition to complying with (1); and
- (4) an employee of a type specified in 1.1(6)(c), (e) or (f) to observe the conduct standards specified in 3.1 to 3.3.