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:

key function holder notification form

means Form M.

2.1

[Deleted.]

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 PRA senior management function, the firm must provide the information referred to in 2.2 to the PRA in whichever Form is required for the PRA senior management approval application, pursuant to Insurance - Senior Managers Regime - Applications and Notifications 2, which must be accompanied by a statement 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 statement 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 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.