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What will be the regime for approved persons in insurance and reinsurance undertakings under Solvency II?
Robert Purves of 3 Verulam Buildings considers the seemingly identical consultations published by the Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA).
PRA consults on new insurers’ accountability regime, LNB News 26/11/2014 124
The PRA is proposing to introduce a new accountability regime for the insurance sector, aiming to embed a clearer system of accountability and responsibility for senior individuals working for insurance firms and groups. The proposed Senior Insurance Manager’s Regime (SIMR) also takes account of the need to introduce measures relating to governance and the fitness and propriety of individuals as part of Solvency II. The PRA is seeking comments on its proposals by 2 February 2015.
FCA proposed changes to the Approved Persons Regime for Solvency II, LNB News 01/01/0001 1176
The FCA is proposing to make changes the Approved Persons Regime for Solvency II firms to address a number of matters, including the FCA’s role in reviewing firms’ assessments of the fitness and propriety of important individuals within firms to support the implementation of Solvency II. The FCA is seeking views on the proposed changes by 2 February 2015.
What has prompted these consultations?
As part of its requirements relating to the conditions under which insurance and reinsurance undertakings conduct their business, the EU Directive 2009/138/EC (Solvency II) sets out ‘fit and proper requirements for persons who effectively run the undertaking or have other key functions’. Specifically, Solvency II, art 42 provides as follows:
‘1. Insurance and reinsurance undertakings shall ensure that all persons who effectively run the undertaking or have other key functions at all times fulfil the following requirements:
(a) their professional qualifications, knowledge and experience are adequate to enable sound and prudent management (fit); and
(b) they are of good repute and integrity (proper).
2. Insurance and reinsurance undertakings shall notify the supervisory authority of any changes to the identity of the persons who effectively run the undertaking or are responsible for other key functions, along with all information needed to assess whether any new persons appointed to manage the undertaking are fit and proper.
3. Insurance and reinsurance undertakings shall notify their supervisory authority if any of the persons referred to in paragraphs 1 and 2 have been replaced because they no longer fulfil the requirements referred to in paragraph 1.’
What are the
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