Non-Solvency II Firms - Conduct Standards
Application provision
1.1 This Part applies:
- (1) to a small non-directive insurer; and
- (2) in relation to a small non-directive insurer, to any person who is:
- (a) a Conduct Rules non-executive director;
- (b) approved under section 59 of FSMA by either:
- (i) the PRA; or
- (ii) the FCA, in relation to a relevant senior management function;
- (c) a certification employee;
- (d) 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
- (e) an employee who is performing a function that would have been a controlled function but for Non-Solvency II Firms – Senior Management Functions 2.3.
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Application and Definitions
1.1
10/12/2018
This Part applies:
- (1) to a small non-directive insurer; and
- (2) in relation to a small non-directive insurer, to any person who is:
- (a) a Conduct Rules non-executive director;
- (b) approved under section 59 of FSMA by either:
- (i) the PRA; or
- (ii) the FCA, in relation to a relevant senior management function;
- (c) a certification employee;
- (d) 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
- (e) an employee who is performing a function that would have been a controlled function but for Non-Solvency II Firms – Senior Management Functions 2.3.
1.2
10/12/2018
In this Part the following definition shall apply:
has the meaning given in Non-solvency II Firms – Certification 1.2.
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Scope of Conduct Standards
1A.1
03/07/2017
If you are a natural person who is approved under section 59 of FSMA by either:
- (1) the PRA; or
- (2) the FCA, in relation to a relevant senior management function,
you must comply at all times with all of the conduct standards.
1A.2
03/07/2017
If you are a Conduct Rules non-executive director, you must comply at all times with the conduct standards specified in 2.1 to 2.3, 2.7 and 2.8.
1A.3
10/12/2018
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Conduct Standards
2.1
07/03/2016
Conduct Standard 1: You must act with integrity.
2.2
07/03/2016
Conduct Standard 2: You must act with due skill, care and diligence.
2.3
07/03/2016
2.4
07/03/2016
Conduct Standard 4: You must take reasonable steps to ensure that the business of the firm for which you are responsible is controlled effectively.
2.5
07/03/2016
Conduct Standard 5: You must take reasonable steps to ensure that the business of the firm for which you are responsible complies with the relevant requirements and standards of the regulatory system.
2.6
07/03/2016
Conduct Standard 6: You must take reasonable steps to ensure that any delegation of your responsibilities is to an appropriate person and that you oversee the discharge of the delegated responsibility effectively.
2.7
07/03/2016
2.8
07/03/2016
Conduct Standard 8: When exercising your responsibilities, you must pay due regard to the interests of current and potential future policyholders in ensuring the provision by the firm of an appropriate degree of protection for their insured benefits.
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