The following Insurance & Reinsurance guidance note Produced in partnership with Carol-Ann Burton and Margarita Kato of Holman Fenwick Willan LLP and Dominic Pereira as research contributor provides comprehensive and up to date legal information covering:
On 7 March 2016, the Senior Managers and Certification Regime (SM&CR) replaced the Approved Persons Regime (APR) for UK banks, building societies, credit unions and Prudential Regulation Authority (PRA)-designated investment firms, while the Senior Insurance Managers Regime replaced the APR for all insurers (effectively functioning as a stop-gap until the government’s decision to extend the SM&CR to insurers). The introduction of the SIMR was driven by the Directive 2009/138/EC, Solvency II, which introduced new requirements to ensure the fitness and propriety of those performing ‘key functions’ in Solvency II firms. The SIMR consisted of two separate individual accountability regimes for insurers, namely the SIMR (introduced by the PRA) and an amended APR (introduced by the Financial Conduct Authority (FCA).
In October 2015, HM Treasury published a policy paper, Senior Managers’ and Certification regime: extension to all FSMA authorised persons, which set out the Government’s intention that the SM&CR be applied to all sectors of the financial services industry. On 10 December 2018, insurers became subject to the SM&CR; to implement the extension of SM&CR to (re)insurers, the PRA and the FCA carried out a number of consultations and published related policy statements which resulted in changes to the FCA Handbook and the PRA Rulebook. A list of these publications is set out below: PRA and FCA publications in relation to application of
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