6A
Head of Small Run-off Firm
6A.1
This Chapter applies only to a small run-off firm.
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6A.2
The Head of small run-off firm function (SIMF26) is the function of:
- (1) having responsibility for the conduct of the regulated activities; or
- (2) chairing the governing body
of a small run-off firm.
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6A.3
- (1) A small run-off firm must ensure that one or more persons performs the Head of small run-off firm function or the Chief Executive function on its behalf.
- (2) A small run-off firm must ensure that there is a person appointed to the Head of small run-off firm function or the Chief Executive function who has ultimate responsibility for the conduct of the regulated activities of the small run-off firm.
- (3) If a vacancy arises in respect of that aspect of the Head of small run-off firm function or the Chief Executive function referred to in (2) above, a small run-off firm must ensure that it appoints a person to fill that vacancy as soon as practicable.
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6A.4
A small run-off firm must have at least one person approved to perform the Chief Finance function (SIMF2).
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6A.5
A small run-off firm that transacts with-profits insurance business must have at least one person approved to perform the With-Profits Actuary function (SIMF21).
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6A.6
A small run-off firm is not required to have any person(s) approved to perform any of the other senior insurance management functions.
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