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  3. Point in time
    2020-07-17

SUP 4.1 Application

SUP 4.1.1RRP

This chapter applies to:

  1. (1)

    every firm within a category listed in column (1) of the table in SUP 4.1.3 R; and

  2. (2)

    every actuary appointed under this chapter3;

    3

in accordance with column (2) of that table.

SUP 4.1.2GRP

This chapter applies to long-term insurers (including friendly societies) and other friendly societies and to the Society of Lloyd's and managing agents at Lloyd's2. This chapter does not apply to actuaries advising the auditors of long-term insurers5 as they are not appointed to act on behalf of the firm.3

2
SUP 4.1.2AGRP

4This chapter applies in part to a Solvency II firm where it appoints an actuary. This will be in particular with regard to the with-profits actuary function but also where an external actuary is appointed to perform tasks of the actuarial function of a Solvency II firm, under PRA Rulebook: Solvency II Firms: Actuaries. More generally, this chapter applies to a Solvency II firm which chooses to appoint an actuary to fulfil the requirements under rule 6.1 of PRA Rulebook: Solvency II firms: Conditions Governing Business to provide for an actuarial function.

SUP 4.1.3RRP

Applicable sections

(1)

Category of firm

(2) Applicable sections or rules4

(1)

A long-term insurer, other than:

SUP 4.1, SUP 4.2, SUP 4.3 and SUP 4.5

(a)

a registered friendly society which is a non-directive friendly society;

(b)

an incorporated friendly society that is a flat rate benefits business friendly society;

4

(c)

an incoming EEA firm; and4

4(d)

a Solvency II firm (for which see (5) below).

(2)

A friendly society, other than a friendly society within (1) or (5).

SUP 4.1, SUP 4.2, SUP 4.4 and SUP 4.51

(3) 2

[deleted]4

 4

(4) 2

[deleted]4

 4

4(5)

A Solvency II firm which does any of the following:

SUP 4.1, SUP 4.2, SUP 4.3, SUP 4.4 and SUP 4.5 except that:

SUP 4.3.8 G to SUP 4.3.10 G do not apply to (a) and (b) in column 2; and

SUP 4.3.13 R to SUP 4.3.15 G, and SUP 4.4.6 R do not apply

(a)

appoints an actuary to fulfil the actuarial function for the purposes of rule 6 of the PRA Rulebook: Solvency II firms: Conditions Governing Business;

(b)

appoints an external actuary in accordance with PRA Rulebook: Solvency II Firms: Actuaries;

(c)

appoints a with-profits actuary.