Strengthening individual accountability in insurance

Supervisory Statement 35/15

Update 24 February 2020

This SS has been updated following publication of Policy Statement (PS) 3/20 ‘Responses to Occasional Consultation Paper 25/19 – Chapters 2 and 3’ . This version takes effect from Monday 24 February 2020, and is available under ‘current version’ in the timeline below. 

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: 24 February 2020

Updated following  PS3/20 ‘Responses to Occasional Consultation Paper 25/19 – Chapters 2 and 3’.

Effective from: 24 February 2020.

Past versions

Published: 4 July 2018

This SS was updated alongside the publication of PS15/18 ‘Strengthening individual accountability in insurance: Extension of the Senior Managers and Certification Regime to insurers’.

Effective from: 10 December 2018

Published: 7 February 2018

This SS was updated alongside the publication of PS1/18 ‘Strengthening individual accountability in banking and insurance: amendments and optimisations’.

Effective from: 10 December 2018 (superseded on 4 July 2018 by July 2018 version)

Published: 12 May 2017

This SS was updated alongside the publication of PS12/17 ‘Strengthening individual accountability in banking and insurance: amendments and optimisations’.

Effective from: 12 May 2017 (superseded on 10 December 2018 by July 2018 version)

Published: 28 September 2016

This SS was updated alongside the publication of PS27/16 ‘Strengthening accountability in banking and insurance: PRA requirements on regulatory references (part II)'.

Effective from: 28 September 2016 (superseded on 12 May 2017 by May 2017 version)

Published: 13 August 2015

Initial publication following PS22/15 ‘Strengthening individual accountability in insurance: responses to CP26/14, CP7/15 and CP13/15’.

Effective from: 13 August 2015 (superseded on 28 September 2016 by September 2016 version)

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