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Status: You are viewing the version of the handbook as on 2009-03-31.

INSPRU 8.6 Prudential risk management and associated systems and controls

Application of SYSC 14

INSPRU 8.6.1R

Subject to INSPRU 8.6.2 R, SYSC 14 (Prudential risk management and associated systems and controls) applies to managing agents and to the Society in accordance with:

  1. (1)

    for managing agents, INSPRU 8.1.4 R; and

  2. (2)

    for the Society,INSPRU 8.1.2 R.

INSPRU 8.6.2R

The requirement in SYSC 14.1.18 R to take reasonable steps to ensure the establishment and maintenance of a business plan does not apply to the Society.

Application of SYSC 11, 15 and 16

INSPRU 8.6.3R

Subject to INSPRU 8.6.5 R, SYSC 11 (Liquidity risk management systems and controls), SYSC 15 (Credit risk management systems and controls) and SYSC 16 (Market risk management systems and controls) apply to managing agents and to the Society in accordance with:

  1. (1)

    for managing agents, INSPRU 8.1.4 R; and

  2. (2)

    for the Society, INSPRU 8.1.2 R

Application of SYSC 17

INSPRU 8.6.4R

Subject to INSPRU 8.6.5 R, SYSC 17 (Insurance risk systems and controls) applies to managing agents in accordance with INSPRU 8.1.4 R.

INSPRU 8.6.5R

In accordance with INSPRU 8.6.2 R, the rules and guidance in SYSC 11, SYSC 15, SYSC 16 and SYSC 17 relating to the establishment and maintenance of a business plan do not apply to the Society.