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Application provision

1.1 This rule is effective from 23:00 on 31/12/2020.

This Part applies to SRO insurers.

4.1

31/12/2020

This rule is effective from 23:00 on 31/12/2020.

A firm must:

  1. (1) notify the PRA at least 28 days before entering into or carrying out any material transaction with, or in respect of, an associate or any other person with whom the firm has close links, unless that transaction is in accordance with a scheme of operations which has been submitted to the PRA;
  2. (2) notify the PRA promptly of any matter which has happened or is likely to happen and which represents a significant departure from the scheme of operations and either:
    1. (a) explain the nature of the departure and the reasons for it and in the case of third country branch undertakings, provide revised forecast financial information in 3.1(3) in the scheme of operations for its remaining term; or 
    2. (b) include an amended scheme of operations and explain the amendments and the reasons for them.

4.2

31/12/2020

This rule is effective from 23:00 on 31/12/2020.

A firm must, at least annually, update the PRA in writing on progress against, or deviation from, the firm’s run-off plan submitted in accordance with 2.