Guideline 11 - Fit requirements

1.42. The undertaking should ensure that persons who effectively run the undertaking or have other key functions are 'fit' and take account of the respective duties allocated to individual persons to ensure appropriate diversity of qualifications, knowledge and relevant experience so that the undertaking is managed and overseen in a professional manner.

1.43. The AMSB should collectively possess appropriate qualification, experience and knowledge about at least:

a) insurance and financial markets;

b) business strategy and business model;

c) system of governance;

d) financial and actuarial analysis;

e) regulatory framework and requirements.

Guideline 12 - Proper requirements

1.44. When assessing whether a person is 'proper', the undertaking should consider that the period of limitation of the relevant criminal or any other offence is lapsed based on national law.

Guideline 13 - Fit and proper policies and procedures

1.45. The undertaking should have a policy on the fit and proper requirements, which includes at least:

a) a description of the procedure for identifying the positions for which notifying is required and for the notification to the supervisory authority;