Non-Solvency II Firms - Run-off Firms

1.1

Unless otherwise stated, this Part applies to:

1. (1) a run-off firm; and
2. (2) in relation to a run-off firm, any person who is approved under section 59 of FSMA by either:
1. (a) the PRA; or
2. (b) the FCA, in relation to a relevant senior management function.

1.2

In this Part, the following definitions shall apply:

application rules

means the specifications within:

1. (1) Non-Solvency II Firms - Senior Management Functions 1.1;
2. (2) Non-Solvency II Firms - Fitness and Propriety 1.1;
3. (3) Non-Solvency II Firms - Allocation of Responsibilities 1.1; and
4. (4) Non-Solvency II Firms - Senior Managers Regime - Applications and Notifications 1.1.

run-off firm

means a firm to which, but for the application of Transitional Measures 2.1 to 2.3, the Solvency II rules would apply.

Solvency II rules

means the PRA rules in the Valuation, Technical Provisions, Own Funds, Solvency Capital Requirement – General Provisions, Solvency Capital Requirement – Standard Formula, Solvency Capital Requirement – Internal Models, Minimum Capital Requirement, Undertakings in Difficulty, Investments, Composites, Conditions Governing Business, Insurance Special Purpose Vehicles, Group Supervision, Reporting, Surplus Funds, With-Profits, Insurance – Conduct Standards, Insurance – Senior Management Functions, Insurance – Allocation of Responsibilities and Insurance – Fitness and Propriety Parts of the Solvency II Firms Sector of the PRA Rulebook.

2.1

Notwithstanding the application rules, the following Parts apply to a run-off firm for so long as it remains a run-off firm:

1. (1) Non-Solvency II Firms - Senior Management Functions;
2. (2) Non-Solvency II Firms - Fitness and Propriety;
3. (3) Non-Solvency II Firms - Allocation of Responsibilities; and
4. (4) Non-Solvency II Firms - Senior Managers Regime - Applications and Notifications.

2.2

Notwithstanding Non-Solvency II Firms - Conduct Standards 1.1, the rules in Non-Solvency II Firms - Conduct Standards apply to any person subject to this Part.