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Non-Solvency II Firms – Governance Records

Application provision

1.1 Unless otherwise stated, this Part applies to:

  1. (1) a non-directive insurer; and
  2. (2) subject to 1.2, a Swiss general insurer.

6.1

01/01/2016

A firm must take reasonable care to make and retain adequate records of matters and dealings (including accounting records) which are the subject of requirements and standards under the regulatory system.

6.2

01/01/2016

The records required by 6.1 must be capable of being reproduced on paper and:

  1. (1) in English; or
  2. (2) if a firm’s records relate to business carried on from an establishment in a country or territory outside the UK, the official language of that country or territory.

6.3

01/01/2016

A firm must make and regularly update accounting and other records that are sufficient to enable the firm to demonstrate to the PRA:

(1) that the firm is financially sound and has appropriate systems and controls;

(2) the firm’s financial position and exposure to risk (to a reasonable degree of accuracy); and

(3) the firm’s compliance with applicable rules.

6.4

01/01/2016

A firm must retain the records in 6.1 and 6.3 for the longer of either:

(1) three years; or

(2) for as long as they are relevant for the purposes for which they were made.

6.5

01/01/2016

A firm must be able to make available the records in 6.1 and 6.3 within a reasonable timeframe when requested to do so by the PRA.

6.6

01/01/2016

A firm must keep the records required in 6.1 and 6.3 in the UK, except where:

(1) they relate to business carried on from an establishment in a country or territory that is outside the UK; and

(2) they are kept in that country or territory.

6.7

01/01/2016

When a firm keeps the records required in 6.1 and 6.3 outside the UK, it must periodically send an adequate summary of those records to the UK.