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 5;
3. (3) in accordance with Insurance General Application 3, a managing agent, as modified by 5;
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.

continuing approval

has the meaning given in the Transitional Order.

grandfathering key function holder

means, in relation to a firm, a key function holder who is seeking continuing approval.

grandfathering notification

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

key function holder notification form

means Form M.

new SIMF applicant

means, in relation to a firm, a key function holder (other than a grandfathering key function holder) who submits an application for a senior insurance management function prior to the commencement date.

senior insurance management approval application

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

transitional key function holder

means, in relation to a firm, a person who is a key function holder as at 1 January 2016.

Transitional Order

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

2.1

This Chapter does not apply to:

1. (1) transitional key function holders, in relation to key functions held as at 1 January 2016;
2. (2) grandfathering key function holders, in relation to key functions held as at 7 March 2016; or
3. (3) new SIMF applicants.

2.2

A firm must provide the information required by Insurance – Fitness and Propriety 4.1 for each key function holder as soon as reasonably practicable after the appointment of the key function holder.

2.3

The PRA directs that, subject to 2.4, the information referred to in 2.2 must be provided to the PRA in the key function holder notification form in accordance with 3.3.

2.4

The PRA directs that:

1. (1) where the key function holder is to be approved by the PRA to perform a senior insurance management function, the firm must provide the information referred to in 2.2 to the PRA in whichever Form is required for the senior insurance management approval application, pursuant to Senior Insurance Managers Regime - Applications and Notifications 2, which must be accompanied by a scope of responsibilities form; and
2. (2) where the key function holder is to be approved by the FCA to perform an FCA controlled function, the firm is not required to submit a key function holder notification form to the PRA to the extent the firm provides the information referred to in 2.2 to the FCA as part of the application to the FCA, with a scope of responsibilities form.

3.1

The PRA directs that, save as required by 3.2 and 3.3, a firm must make any applications, notifications or submissions required by this Part by submitting the form specified using the ONA system.

3.2

If, under any direction or rule in this Part:

1. (1) a firm is required to make an application, notification or submission online; and
2. (2) the information technology systems used by the PRA fail and online submission is unavailable for 24 hours or more,

until such time as facilities for online submission are restored, a firm must submit the specified form in the way set out in Notifications 7.

3.3

The notifications required under 2.3 and 6.5 should be submitted in accordance with Notifications 7.

4.1

The key function holder notification form, Form M, may be found here.

5.1

This Part applies to the Society and managing agents separately.

6.1

This Chapter applies only to:

1. (1) transitional key function holders, in relation to key functions held as at 1 January 2016;
2. (2) grandfathering key function holders, in relation to key functions held as at 7 March 2016; and
3. (3) new SIMF applicants.

6.2

A firm must provide the information required by Insurance – Fitness and Propriety 4.1 for each transitional key function holder, grandfathering key function holder and new SIMF applicant in accordance with 6.3 – 6.5.

6.3

In respect of a grandfathering key function holder, the requirement in 6.2 will be satisfied where the firm submits a grandfathering notification in accordance with Senior Insurance Managers Regime - Transitional Provisions 2.1, or the update to the grandfathering notification in accordance with Senior Insurance Managers Regime - Transitional Provisions 5 (as the case may be), provided that the firm also submits a scope of responsibilities form to the PRA in respect of that grandfathering key function holder by 7 September 2016.

6.4

In respect of a new SIMF applicant, the PRA directs that a firm must provide the information referred to in 6.2 to the PRA in whichever form is required for the senior insurance management approval application, pursuant to Senior Insurance Managers Regime - Applications and Notifications 2, which must be accompanied by a scope of responsibilities form.

6.5

In respect of a transitional key function holder who is not a grandfathering key function holder or a new SIMF applicant, the PRA directs that a firm must provide the information referred to in 6.2 to the PRA by sending the key function holder notification form to the PRA in accordance with 3.3 by 7 September 2016.