Skip to main content
  • This website sets cookies on your device. To find out more about how we use cookies please refer to our Privacy and Cookie Policy. By continuing to use the site, we’ll assume that you are content for us to set these on your device.
  • Close
Home > Prudential Regulation Authority > The Senior Insurance Managers Regime: a streamlined approach for non-Solvency II firms – PS21/15
 

The Senior Insurance Managers Regime: a streamlined approach for non-Solvency II firms – PS21/15

13 August 2015

Overview

This policy statement provides feedback on CP12/15 Senior Insurance Managers Regime: a streamlined approach for non-Solvency II firms which proposed changes in relation to the:

  • scope of the Senior Insurance Managers Regime (SIMR);
  • criteria for fitness and propriety; and
  • conduct of individuals working for non-Solvency II insurance firms.


The appendix to this PS sets out final rules to revise the current Approved Persons Regime for those insurance firms outside the scope of Solvency II.

This PS is relevant to those insurance firms that are not within the scope of the Solvency II Directive. In addition, these rules will cover certain run-off firms, so long as these firms are not subject to the Solvency II rules in accordance with Transitional Measures 2 in the Solvency II Firms section of the PRA Rulebook. All of these firms are described collectively as non-Directive firms (NDFs) in this PS.

The final rules in this PS are not relevant to those NDFs with assets of more than £25 million; the PRA has published proposals for these firms in CP26/15.

NDFs are referred to CP26/15 for details of the transitional arrangements and relevant forms for the implementation of the new regime.

Readers may also find it useful to refer to the FCA’s website – see External Links.

Policy Statement
Appendix
Share