Tag Archives: SIMR

EXTENDING THE SENIOR MANAGERS AND CERTIFICATION REGIME TO INSURERS

The UK Senior Managers and Certification Regime (SMCR) is being extended to all financial services firms during 2018. PRA and FCA proposals applying to insurers build on the Senior Insurance Managers Regime (SIMR) although the transition to the SMCR is … Continue reading

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PRA consults on amendments to the Senior Insurance Managers Regime (SIMR)

The PRA has published a consultation paper (CP8/17), which includes proposed amendments and optimisations to the Senior Insurance Managers Regime (SIMR).  It also includes a proposal to strengthen governance through requiring insurers to take steps to encourage board diversity.  This CP … Continue reading

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PRA – strengthening individual accountability in banking and insurance (PS12/17)

On 12 May 2017, the PRA published PS12/17 “Strengthening individual accountability in banking and insurance: amendments and optimisations (and associated materials)”, which  provides feedback to responses to Consultation Paper 34/16.

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Key governance developments – “at a glance” guide for insurers

The governance landscape for insurers continues to develop following the introduction of the Senior Insurance Managers Regime last year and PRA Supervisory Statement SS5/16 on Board Responsibilities.  The Audit Directive, which applies to financial years beginning on or after 17 … Continue reading

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A new regime for senior insurance managers: changes to the approved persons regime for Solvency II firms

In November 2014, the PRA and the FCA proposed wide-ranging reforms of the Approved Persons Regime (APR) for insurers and reinsurers. The PRA will introduce a Senior Insurance Managers Regime (SIMR), in line with its commitment to extend to insurers … Continue reading

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Solvency II and Non-Executive Directors

The PRA and FCA have confirmed their approach to non-executive directors (NEDs) under the Senior Insurance Managers Regime (SIMR).  Some NEDs will have to be pre-approved by the regulator; others, so-called “Standard” NEDs, will not.

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