Bank of England: Strengthening individual accountability in insurance

07 February 2018

The statement seeks to advance the PRA’s safety and soundness, along with the insurance, statutory objectives by setting out the PRA’s expectations of how firms should comply with the regulatory framework of the Senior Insurance Managers Regime (SIMR).

It is addressed to:

• UK Solvency II insurance firms;
• third country insurance branches within the scope of the PRA’s rules transposing the Solvency II Directive; and
• the Society of Lloyd's and managing agents.
• The statement sets expectations regarding:
• the SIMR;
• the application of conduct standards and associated notifications; and
• assessing fitness and propriety.

SS35/15 was updated alongside the publication of Policy Statement 1/18 ‘Strengthening individual accountability in insurance: optimisations to the SIMR’.

The PRA has considered matters to which it is required to have regard, and it considers that this statement is compatible with the Regulatory Principles and relevant provisions of the Legislative and Regulatory Reform Act 2006. This statement is not expected to have any direct or indirect discriminatory impact under existing UK law. In particular the statement sets expectations regarding:

• the Senior Insurance Managers Regime (SIMR);
• the application of Conduct Standards and associated notifications; and
• assessing fitness and propriety.

This version of SS35/15 takes effect from Monday 10 December 2018: the date announced by HM Treasury for the commencement of the extension of the Senior Managers and Certification Regime (SM&CR) for insurers.

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