(b)

the following paragraph is inserted: ‘2a. Member States shall require that insurance and reinsurance undertakings appoint different persons to carry out the key functions of risk management, actuarial, compliance and internal audit, and that each such function is performed in an independent manner from the other functions in order to avoid conflicts of interest. When an undertaking has been classified as a small and non-complex undertaking, pursuant to Article 29b, or when an undertaking has obtained prior supervisory approval, pursuant to Article 29d, the persons responsible for the key functions of risk management, actuarial and compliance may also perform any other key function different from internal audit, any other function, or be a member of the administrative, management or supervisory body, provided that the following conditions are met: ; potential conflicts of interest are properly managed; the combination of functions or the combination of a function with the condition of membership of the administrative, management or supervisory body does not compromise the person’s ability to carry out her or his responsibilities.’

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Source: EUR-Lex (Cellar) · retrieved 2026-10-14 · Text as adopted (Official Journal); later amendments are not incorporated in this text.