This Practice Note deals with the requirements on UK insurers concerning governance, risk management, systems and controls and suggests that these topics are approached in a holistic manner in the framework of the applicable rules and regulations. The note considers the roles of the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA). The applicable rules and regulations include, the Financial Services and Markets Act 2000 (FSMA 2000), the PRA Rulebook and in particular, the Conditions Governing Business section for Solvency II firms; the Governance section for Non-Solvency II firms; the PRA Fundamental Rules, the Senior Management and Certification Regime (SM&CR) and the European Insurance and Occupational Pensions Authority (EIOPA) Guidelines on System of Governance.
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