Glossary
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PRA senior management functionTerm | Definition | Legal instruments |
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key function 31/12/2020 |
The changes to this defined term are effective from 23:00 on 31/12/2020. (1) in relation to a UK Solvency II firm, the Society, a managing agent, a UK ISPV and a large non-directive insurer means each of the following in relation to the carrying on of a regulated activity by the firm: (a) the risk-management function; (2) in relation to a third country branch undertaking means, in relation to the carrying on of a regulated activity by the third country branch undertaking, each of the following functions performed in relation to the operations effected by the third country branch: (a) the risk-management function; (b) the compliance function; (c) the internal audit function; (d) the actuarial function; (e) the function of effectively running the operations effected by the third country branch; (f) the function of being the authorised UK representative; and (g) any other function which is of specific importance to the sound and prudent management of the third country branch; (3) in relation to a third country insurance service provider means, in relation to the carrying on of a regulated activity by the third country insurance services provider in the UK: (a) the risk-management function; (b) the compliance function; (c) the internal audit function; (d) the actuarial function; (e) the function of effectively running the operations effected by the third country insurance services provider; and (f) any other function which is of specific importance to the sound and prudent management of the third country insurance services provider. |
Instruments |