Strengthening individual accountability in insurance

Supervisory Statement 35/15

Update 4 July 2018

SS35/15 was updated alongside the publication of Policy Statement 15/18 ‘Strengthening individual accountability in insurance: Extension of the Senior Managers and Certification Regime to insurers’. 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. 

Overview

This supervisory statement sets out the Prudential Regulation Authority's (PRA's) approach to strengthening individual accountability in insurance. 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. 

Current version

Published: 4 July 2018

Past versions

Effective from: 10 December 2018 (superseded on 4 July 2018 by July 2018 version)

Published: 12 May 2017

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