Prudential Regulation Authority Rulebook

1.1

Unless otherwise stated, this Part applies to:

1. (1) a firm that, on the effective date, has a Part 4A permission for effecting contracts of insurance or carrying out contracts of insurance and which will with effect from 1 January 2016 be:
1. (a) a UK Solvency II firm;
2. (b) a third country branch undertaking (other than a Swiss general insurer); or
3. (c) a UK ISPV;
2. (2) the Society, as modified by 9; and
3. (3) managing agents, as modified by 9.

1.2

In this Part, the following definitions shall apply:

commencement date

means 7 March 2016.

continued approval

means approval to perform a PRA senior management function under section 59 of FSMA, granted pursuant to conversion notification.

effective date

means 19 August 2015.

FCA activities

means a function which would, except for any of the following provisions in SUP TP 7.2.3R of the FCA Handbook, be an FCA governing function:

1. (1) Part 1 (Solvency II firms other than insurance special purpose vehicles and third-country insurance and reinsurance undertakings) Notes 1 and 2;
2. (2) Part 2 (Insurance special purpose vehicles) Notes 1 and 2; and
3. (3) Part 3 (Third-country insurance and reinsurance undertakings) Note 1.

scope of responsibilities form

has the meaning given in Senior Insurance Managers Regime – Applications and Notifications as at 7 March 2016.

2.1

[Deleted.]

2.2

[Deleted.]

2.3

[Deleted.]

3.1

[Deleted.]

3.2

[Deleted.]

3.3

[Deleted.]

4.1

[Deleted.]

4.2

[Deleted.]

5.1

[Deleted.]

6.1

[Deleted.]

6.2

[Deleted.]

6.3

1. (1) If, in relation to a firm, a PRA senior management function holder with continued approval also performs FCA activities on and from the commencement date, performance of the PRA senior management function will include the performance of those FCA activities provided that the firm has included details of the FCA activities in a scope of responsibilities form for that PRA senior management function holder which is provided to the PRA by 7 September 2016 in accordance with Key Function Holder – Notifications 6.3.
2. (2) If, in relation to a firm, a PRA senior management function holder with continued approval has been performing FCA activities in the circumstances set out in (1), and that person:
1. (a) ceases to perform the PRA senior management function;
2. (b) within three months of ceasing performance, is approved to perform a new PRA senior management function at the firm; and
3. (c) continues to perform the FCA activities,
3. performance of the new PRA senior management function will include the performance of those FCA activities, provided:
1. (d) the PRA’s approval to perform that PRA senior management function continues in force;
2. (e) the firm makes the notification required by SUP10C.9.8R(4) of the FCA Handbook; and
3. (f) that person performs and is continuing to perform the FCA activities.

6.4

If a PRA senior management function holder to whom 6.3 applies ceases to perform a PRA senior management function but continues to perform the FCA activities, 6.3(1) will continue to apply in respect of the performance of the FCA activities until the earlier of:

1. (1) approval by the FCA in respect of the performance by that person of those FCA activities as an FCA governing function in relation to the firm; or
2. (2) three months from the time that the person ceased to perform that PRA senior management function.

6.5

[Deleted.]

7.1

[Deleted.]

8.1

[Deleted.]

8.2

[Deleted.]

9.1

This Part applies to the Society and managing agents separately.