First published on 13 August 2015This 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.