Glossary

PRA Rulebook Glossary

Printed on: 01/07/2024

Rulebook at: 01/01/2016

Term

Definition

Letter: A

accountable functions

(1) (in the FCA Handbook and in relation to an approved person) the functions described in APER 1.1A.2 P, which are in summary:

(a) FCA controlled functions;

(b) PRA controlled functions; and

in relation to the authorised persons in relation to which that person is an approved person.

(2) (in the PRA Handbook and in relation to an approved person) the functions described in APER 1.1B.2 P, which are in summary:

(a) PRA controlled functions;

(b) FCA controlled functions that are significant-influence functions; and

in relation to the PRA-authorised persons in relation to which that person is an approved person.

01/04/2013

accountable significant-influence function

(in the FCA Handbook) any accountable function that is a significant-influence function.

01/04/2013

actuarial body

means the Institute and Faculty of Actuaries.

19/06/2014

actuarial body

the Institute andFaculty of Actuaries.

01/01/2015

actuarial function

(in the PRA Handbook) PRA controlled function CF12 in the table of PRA controlled functions, described more fully in:

(a) for a non-directive insurer, SUP 10B.8.1R(1) and Non-Solvency II Firms - Actuarial Requirements 2.1(1) of the PRA Rulebook;

(b) for a UK Solvency II firm, the Society, a managing agent and a third country branch undertaking, SUP 10B.8.1R(2) and Conditions Governing Business 6.1 of the PRA Rulebook.

01/01/2016

actuarial health insurance

means health insurance which meets all the conditions set out in Insurance Company – Capital Resources Requirements 13.1.

01/01/2016

actuarial health insurance

(in the context of the rules in INSPRU 1.1 concerning the calculation of the general insurance capital requirement), health insurance which meets all the conditions set out in INSPRU 1.1.72 R .

31/12/2006

actuarial investigation

(1) (other than in COBS) an investigation to which IPRU-INS rule 9.4 applies.(2) (in COBS and SUP 4) for a Solvency II firm, an investigation having regard to generally accepted actuarial practice, carried out at least once in every 12-month period with advice, as appropriate, from the persons holding the with-profits actuary function and the actuarial function.

01/01/2016

actuarial investigation

means an investigation to which IPRU(INS) rule 9.4 of the PRA Handbook as at 31 December 2015 applies pursuant to Non-Solvency II Firms – Transitional Measures 3.

01/01/2016

actuarial valuation date

the date as at which the mathematical reserves are calculated.

31/12/2006

actuarial valuation date

means the date as which the mathematical reserves are calculated.

01/01/2016

administrative functions

(a) (in relation to managing investments):

(i) arranging settlement;

(ii) monitoring and processing corporate actions;

(iii) client account administration, liaison and reporting, including valuation and performance measurement;

(iv) ISA or CTF administration;

(v) investment trust savings scheme administration;

(b) (in relation to effecting or carrying out life policies):

(i) new business administration;

(ii) policy alterations including surrenders and policy loans;

(iii) preparing projections;

(iv) processing claims including pension payments;

(v) fund switching;

(i) new business administration;

(ii) receipt of or alteration to contributions;

(iii) preparing projections and annual statements;

(iv) administration of transfers;

(v) handling claims, including pension payments;

(vi) fund allocation and switching.

06/11/2008

AIFM investment management functions

means investment management functions of an AIFM as set out in 1(a) (portfolio management) or (b) (risk management) of Annex I to AIFMD.

03/08/2015

AIFM management functions

the management functions of an AIFM listed in Annex I to AIFMD.

23/07/2013

apportionment and oversight function

FCA controlled function CF8 in Parts 1 and Part 2 of the table of FCA controlled functions, described more fully in SUP 10A.7.1 R .

01/04/2013