Prudential Regulation Authority Rulebook

11.1

1. (1) The PRA directs that, with effect from 27 May 2014, Part XXII of FSMA (Auditors and Actuaries) applies to the carrying on of insurance business by members as modified by (2).
2. (2) Regulations made by HM Treasury under section 342(5) and section 343(5) of Part XXII of FSMA apply only to actuaries appointed by a managing agent in respect of the insurance business of a syndicate, in relation to the long-term insurance business of that syndicate.
3. (3) In Part XXII of FSMA (Auditors and Actuaries) as applied by this direction:
1. (a) a reference to an auditor of an authorised person is to be read as including an auditor appointed by a managing agent in respect of the insurance business of a syndicate; and
2. (b) a reference to an actuary acting for an authorised person is to be read as including an actuary appointed by a managing agent in respect of the insurance business of a syndicate.