CAPI 4.1.2 Outsourcing of firm's management
(1) A firm may outsource its managerial functions to a captive insurance manager.
(2) A firm that outsources its managerial functions to a captive insurance manager may apply to the Regulatory Authority for approval of an employee or employees of the captive insurance manager to exercise 1 or more of the following controlled functions:—
(a) senior executive function;
(b) MLRO function;
(c) compliance oversight function;
(d) finance function.
Note Senior executive function, MLRO function, compliance oversight function and finance function are defined in the glossary.
Note Senior executive function, MLRO function, compliance oversight function and finance function are defined in the glossary.
Note 1 A firm that outsources its managerial functions to a captive insurance manager may choose to use—
(a) its own employees to exercise controlled functions for the firm; or
(b) the employees of the captive insurance manager to whom the firm has outsourced its managerial functions.
Note 2 For the rules on the assessment of individuals to exercise controlled functions and related matters, see INDI, Chapter 3 (Controlled functions), and Chapter 5 (Training and competency). Certain personnel-related decisions about individuals appointed or to be appointed to certain controlled functions must be made by or after consultation with an authorised firm's governing body — see INDI, rule 3.1.2, and CTRL, rule 3.1.15.
| Amended by QFCRA RM/2014-6 (as from 1st January 2015) Amended by QFCRA RM/2021-1 (as from 1st July 2021) |