Related provisions for PERG 5.4.5

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SUP 13.3.2BGRP
4An appointed representative appointed by a firm to carry on insurance mediation activity on its behalf may establish a branch in another EEA State under the Insurance Mediation Directive. In this case, the notice of intention8 in SUP 13.3.2 G (1) should be given to the FSA by the firm on behalf of the appointed representative.58
SUP 13.3.2CGRP
4An exempt professional firm which is included in the record of unauthorised persons carrying on insurance mediation activity maintained by the FSA under article 93 of the Regulated Activities Order may establish a branch in another EEA State under the Insurance Mediation Directive (see PROF 7.2).
SUP 13.4.2AGRP
4An appointed representative appointed by a firm to carry on insurance mediation activity on its behalf may provide cross border services in another EEA State under the Insurance Mediation Directive. In this case, the notice of intention8 in SUP 13.4.2 G (1) should be given to the FSA by the firm on behalf of the appointed representative5.8
SUP 13.4.2BGRP
4An exempt professional firm which is included in the record of unauthorised persons carrying on insurance mediation activity maintained by the FSA under article 93 of the Regulated Activities Order may provide cross border services in another EEA State under the Insurance Mediation Directive (see PROF 7.2).
PERG 5.6.5GRP
The Regulated Activities Order provides an important potential exclusion, however, for persons whose principal business is other than insurance mediation activities.
PERG 5.6.10GRP
Article 27 of the Regulated Activities Order (Enabling parties to communicate) contains an exclusion that applies to arrangements which might otherwise bring within article 25(2) those who merely provide the means by which one party to a transaction (or potential transaction) is able to communicate with other parties. Simply providing the means by which parties to a transaction (or potential transaction) are able to communicate with each other is excluded from article 25(2) only.
PERG 5.15.1GRP
This flow chart sets out the matters a person will need to consider to see if he will need authorisation for carrying on insurance mediation activities. It is referred to in PERG 5.2.3 G (Questions to be considered to decide if authorisation is required).
PERG 5.15.2GRP
Flow chart: regulated activities related to insurance mediation activities – do you need authorisation?
INSPRU 1.1.3RRP
For a non-EEA insurer with a branch in the United Kingdom whose insurance business in the United Kingdom is not restricted to reinsurance (other than an EEA-deposit insurer, a Swiss general insurer or a UK-deposit insurer):(1) the part of this section headed "Capital requirements for insurers" (INSPRU 1.1.43 G to INSPRU 1.1.92B G) applies to its world-wide activities;(2) the parts of this section headed:(a) "Establishing technical provisions" (INSPRU 1.1.12 R to INSPRU 1.1.19
INSPRU 1.1.5RRP
For a UK-deposit insurer:(1) the part of this section headed "Capital requirements for insurers" (INSPRU 1.1.43 G to INSPRU 1.1.92B G) applies to its world-wide activities;(2) the parts of this section headed:(a) "Establishing technical provisions" (INSPRU 1.1.12 R to INSPRU 1.1.19 G);(b) "Reinsurance and analogous non-reinsurance financing agreements: risk transfer principle" (INSPRU 1.1.19A R to INSPRU 1.1.19F G);(c) "Assets of a value sufficient to cover technical provisions
PERG 2.8.6AGRP
3The exclusions in the Regulated Activities Order that relate to the various arranging activities are as follows.(1) Under article 26, arrangements that do not or would not bring about the transaction to which they relate are excluded from the arranging activities that relate to a particular transaction (see PERG 2.8.6G (1)) only. A person will bring about a transaction or a contract or plan variation only if his involvement in the chain of events leading to a transaction or contract
PERG 2.8.7GRP
The activities of persons appointed under a power of attorney are excluded under article 38 of the Regulated Activities Order, from the regulated activity of managing investments, if specified conditions are satisfied. The exclusion only applies where a person is not carrying on insurance mediation or reinsurance mediation and is subject to further limitations discussed below2. In addition, the following exclusions (outlined in PERG 2.9) apply in specified circumstances where
SUP 6.3.11GRP
A firm with Part IV permission to carry on insurance business, which is applying for a variation of its Part IV permission to add further insurance activities or specified investments, will be required to submit particular information on its existing activities as part of its application. This includes the scheme of operations which is required to be submitted as part of the application pack (for further details on the scheme of operations, see SUP App 2 (Insurers: scheme of
SUP 6.3.12GRP
In applying to vary its Part IV permission to add categories of specified investments, in relation to insurance business, a firm carrying on insurance business will need to determine the classes of specified investments relating to effecting and carrying out contracts of insurance for which variation of Part IV permission will be necessary, having regard to whether certain classes of contract may qualify to be effected or carried out on an ancillary or supplementary basis (see
PERG 8.31.5GRP
Certain of the exclusions in the Regulated Activities Order that apply to the regulated activity of advising on investments are not available where the advice either relates to a contract of insurance or amounts to insurance mediation or reinsurance mediation. This results from the requirements of the Insurance Mediation Directive and is explained in more detail in PERG 5 (Insurance mediation activities).
PERG 8.32.12GRP
Where persons are making arrangements concerning contracts of insurance or are carrying on insurance mediation or reinsurance mediation, certain exclusions to article 25 are not available. This results from the requirements of the Insurance Mediation Directive and is explained in more detail in PERG 5.6 (Insurance mediation activities The regulated activities: arranging deals in, and making arrangements with a view to transactions in, contracts of insurance).
PERG 1.5.1GRP
General guidance on the perimeter is also contained in various FSA documents (mainly fact sheets and frequently asked questions) that are available on the FSA website at www.fsa.gov.uk.These documents, and the URL on which they may be accessed, include:(1) [deleted]212(2) [deleted]212(3) [deleted](4) guidance about the position under the Insurance Mediation Directive and the Regulated Activities Order of property owners and tenants - http://www.fsa.gov.uk/pages/Doing/small_firms/insurance/faq/property.shtml;11(5)
DISP 1.1.4RRP
Where a firm has outsourced activities to a third party processor, DISP 1.1.3 R does not apply to the third party processor when acting as such, but applies to the firm which is taking responsibility for the acts and omissions of the third party processor in respect of the outsourced activities.
GENPRU 3.2.9RRP
If the Part IV permission of a firm contains a requirement obliging it to comply with this rule with respect to a third-country banking and investment group of which it is a member, it must comply, with respect to that third-country banking and investment group, with the rules in Part 2 of GENPRU 3 Annex 2, as adjusted by Part 3 of that annex.
SUP 4.2.2GRP
This chapter defines the relationship between firms and their actuaries3 and clarifies the role which actuaries3 play in the FSA's monitoring of firms' compliance with the requirements and standards under the regulatory system. The chapter sets out rules and guidance on the appointment of actuaries3, and the termination of their3 term of office, as well as setting out their respective rights and duties. The purpose of the chapter is to ensure that:3333(1) long-term insurers (other
ICOBS 3.1.2GRP
Guidance on expressions derived from the Distance Marketing Directive and on the Directive's application in the context of insurance mediation activity can be found in ICOBS 3 Annex 1 G.
SUP App 2.15.9GRP

These tables belong to SUP App 2.15.8 G

Table 1 - forecast summary revenue account for the relevant with-profits fund

(1)

Premiums and claims (gross and net of reinsurance) analysed by major class of insurance business

(2)

Investment return

(3)

Expenses

(4)

Other charges and income

(5)

Taxation

(6)

Increase (decrease) in fund in financial year

(7)

Fund brought forward

(8)

Fund carried forward

Table 2 - forecast summary balance sheet and statement of solvency for the relevant with-profits fund

Assets analysed by type (excluding implicit items):

(1)

Equities

(2)

Land and buildings

(3)

Fixed interest investments

(4)

All other assets

(5)

Total assets (excluding implicit items)

(6)

Policyholder liabilities

(7)

Other liabilities

(8)

Total liabilities

(9)

Excess/(deficiency) of assets over liabilities before implicit items

(10)

Implicit items allocated to the with-profits fund

(11)

Long-term insurance capital requirement for the with-profits fund

(12)

Resilience capital requirement for the with-profits fund

(13)

With-profits insurance capital component (for realistic basis life firms only)

(14)

Net excess/(deficiency) of assets in the with-profits fund

Table 3 - forecast summary balance sheet and statement of solvency for the firm

L1

Surplus long-term insurance assets, with-profit fund(s)

L2

Surplus long-term insurance assets, non-profit fund(s)

L3

Total long-term insurance assets

L1+L2

L4

Total long-term insurance liabilities (excluding resilience capital requirement)

L5

Total long-term insurance fund surplus

L3-L4

L6

Shareholder fund assets

L7

Implicit items

L8

Long-term insurance capital requirement

L9

Excess of regulatory assets over long-term insurance capital requirement

L5+L6+L7-L8

L10

With-profits insurance capital component

For realistic basis life firms only.

L11

Resilience capital requirement

L12

Net excess assets

L9-L10-L11

L13

FTSE level at which the long-term insurance capital requirement would be breached