Powered by Lexis+®
Jurisdiction(s):
United Kingdom
United Kingdom
Key definition
Governance definition What does Governance mean? Governance, in pensions practice, describes how a trustee board organises itself and exercises oversight, decision-making and control over an occupational pension scheme to meet legal and fiduciary duties. It encompasses the scheme’s structures, policies and internal controls, and how trustees delegate to and supervise advisers, administrators and asset managers, monitor performance, manage risk and record decisions. The term is descriptive rather than a defined legal term, but key governance requirements are prescribed in legislation and regulatory codes. In the UK, the Pensions Act 2004 and scheme administration/governance regulations, together with The Pensions Regulator’s General Code, require an effective system...
Read More
UK insurers’ governance, risk management, systems and controls requirements under PRA and FCA (Solvency II UK and non-Solvency II): operational resilience, outsourcing, internal audit, actuarial function and threshold conditions
Published by a
LexisNexis Insurance & Reinsurance expert
Practice notes
This Practice Note sets out a synopsis of the extensive regulatory Requirements and guidance applicable to UK insurers on Governance, risk management, and systems and Controls (for a checklist for Solvency II UK firms, see: Governance, systems and controls requirements for Solvency II UK firms—checklist).
Introduction
The obligations on UK insurers around governance, risk management, systems and controls are interconnected and should be treated in a rounded, integrated way. These obligations mainly comprise a body of granular rules and guidance, and insurers must from time to time assess their governance, risk management, systems and controls to achieve and maintain effective compliance. Insurers will further recognise that the UK regulators assess whether events amount to regulatory breaches by reference to overarching ‘threshold conditions’ and broad regulatory principles (or ‘fundamental rules’), which are outlined in this Practice Note. Consequently, the UK regulators might deem an insurer to have breached applicable regulation by relying on a threshold condition or a regulatory principle even where no rule expressly addresses the matter at hand. For an insurer, there is, in conceptual terms, an intersection between what could be considered governance requirements and what could be regarded as systems requirements in particular cases and operational contexts...
To view the latest version of this document and thousands of others like it, sign-in with LexisNexis or register for a free trial.
Web page updated on 22/05/2026
Popular documents
When evaluating a general damages claim, the practitioner ought initially to refer to the Judicial College Guidelines (JCG)...
This Practice Note This Practice Note reviews mechanisms used in settling litigation. A Tomlin order consists of a consent order paired with a schedule. It operates to stay proceedings on terms that have been agreed. The provisions contained in the schedule may remain confidential. This Practice Note describes the scope of confidentiality attaching to the schedule and sets out how it differs from a standard consent order. Sample wording for a Tomlin order is included, alongside links to precedents, as well as guidance on court approval. It also addresses varying, setting aside and enforcing a Tomlin order, including the considerations the court will take into account when handling applications for each. Further guidance is provided on interpreting and applying the relevant provisions of the CPR; however, some courts and divisions impose very specific requirements for both drafting and approval, and for approaching the schedule and confidentiality issues. Accordingly, you must consider the particular rules and court guide provisions in the forum where your claim is proceeding when drawing up the Tomlin order...
Date [ date ] Parties [ name of Landlord ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Landlord) [ name of Tenant ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Tenant) [ [ name of Guarantor ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Guarantor) ] [ [ name of Mortgagee ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Mortgagee) ] Definitions Within this Deed, the terms below shall be interpreted as follows: [ Annual Rent • the annual sum reserved under the Lease; ] [ Insurance Rent • the Tenant’s share of the Landlord’s costs of insuring the Property (as set out in the Lease); ] Lease • the lease of the Property dated [ date ], entered into between (1) [ the Landlord OR [ name ...
I, [ name ], of [ address ], solemnly and sincerely state that: [ Matters to be verified, set out in numbered paragraphs ] I make this solemn statement in good conscience, believing it to be true, and pursuant to the provisions of the Statutory Declarations Act 1835. DECLARED at [ details ] this [ day ] day of [ month and year ] Before me ................................................................................ [ signature of the person before whom the declaration is made ] A [ commissioner for oaths OR [ solicitor OR [ insert other qualification ] ] authorised to administer oaths ]...
Discover more from LexisNexis
