PB-B PB-B Scope of Application
PB-B.1 PB-B.1 Scope of Application
PB-B.1.1
The 10 Principles of Business apply to all CBB
insurance licensees , in accordance with Paragraph PB-B.1.2. Principles 1–8 (Paragraphs PB-1.1 to PB-1.8 inclusive) also apply to allapproved persons , in accordance with Paragraph PB-B.1.3.Amended: January 2007PB-B.1.2
Principles 1 to 10 apply to activities carried out by the licensee, including activities carried out through overseas branches (if any). Principles 9 and 10 also take into account any activities of other members of the
group of which the licensee is a member.Amended: October 2007PB-B.1.3
Principles 1 to 8 apply to
approved persons in respect of thecontrolled function for which they have been approved.PB-B.1.4
Principles 1 to 8 do not apply to behaviour by an
approved person with respect to any other functions or activities they may undertake. However, behaviour unconnected to theircontrolled function duties may nonetheless be relevant to an assessment of that person's fitness and propriety.PB-B.1.5
The CBB's requirements regarding
approved persons andcontrolled functions are located in Module AU (Authorisation).Amended: January 2007PB-B.2 PB-B.2 Non compliance
PB-B.2.1
Breaching a Principle of Business makes the
insurance licensee orapproved person concerned liable to enforcement action. In the case of a licensee, this may call into question whether they continue to meet the licensing conditions (see Chapter AU-2). In the case of anapproved person , this may call into question whether they continue to meet the 'fit and proper' requirements for the function for which they have been approved (see Chapter AU-3).Amended: October 2007PB-B.2.2
Module EN (Enforcement) sets out the CBB's policy and procedures on enforcement action.
Amended: January 2007
