Prudential Regulation Authority Rulebook

1.1

Unless otherwise stated, this Part applies to:

1. (1) a UK Solvency II firm;
2. (2) in accordance with Insurance General Application 3, the Society, as modified by 8;
3. (3) in accordance with Insurance General Application 3, a managing agent, as modified by 8;
4. (4) a third country branch undertaking (other than a Swiss general insurer); and
5. (5) a UK ISPV.

1.2

In this Part, the following definitions shall apply:

commencement date

has the meaning given in Senior Insurance Managers Regime – Transitional Provisions.

current approved person approval

means

1. (1) an approval granted to a person under section 59 of FSMA (Approval for particular arrangements):
1. (a) by the PRA for the performance of a senior insurance management function; or
2. (b) by the FCA for the performance of a significant influence function;
2. (2) a deemed approval given by either the PRA following the submission of a grandfathering notification under Senior Insurance Managers Regime – Transitional Provisions or by the FCA under any equivalent rules in the FCA Handbook; or
3. (3) for the purposes of 2.5(2) and 2.6(1), an approval granted to that person under section 59 of FSMA by either the PRA or the FCA to perform a controlled function prior to the commencement date but which ceased (i) on or before the commencement date; and (ii) during the six-month period specified in 2.5(2) and 2.6(1), as the case may be.

grandfathering notification

has the meaning given in Senior Insurance Managers Regime – Transitional Provisions.

regulatory body

means any authority, body or person having, or who has had, responsibility for the supervision or regulation of any regulated activities or other financial services, whether within the United Kingdom or overseas.

senior insurance management approval application

means an application for approval to perform a senior insurance management function under section 59 of FSMA.

scope of responsibilities form

means the form to be completed by a firm containing the information referred to in Insurance – Allocation of Responsibilities 5.1(3).

significant influence function

has the meaning given in the FCA Handbook.