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. 

Updates

Date of publication  Supervisory statement  Update detail  Effective from
Current version
 12 May 2017 PDF Supervisory Statement 35/15 - May 2017  This SS was updated alongside the publication of PS12/17 ‘Strengthening individual accountability in banking and insurance: amendments and optimisations’.  12 May 2017
Future version
4 July 2018 PDF Supervisory Statement 35/15 UPDATE – 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’.  10 December 2018
 
Past versions
7 February 2018 PDFSupervisory Statement 35/15 UPDATE – February 2018  This SS was updated alongside the publication of PS1/18 ‘Strengthening individual accountability in banking and insurance: amendments and optimisations’. Updated by July 2018 version
28 September 2016 PDF Supervisory Statement 35/15 - 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)’. Updated by May 2017 version
13 August 2015 PDF Supervisory Statement 35/15   Initial publication issued alongside PS22/15 ‘Strengthening individual accountability in insurance: responses to CP26/14, CP7/15 and CP13/15’. Updated by September 2016 version
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