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.
Update 7 February 2018
SS35/15 was updated alongside the publication of Policy Statement 1/18 ‘Strengthening individual accountability in insurance: optimisations to the SIMR’. 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.
|Date of publication||Supervisory statement||Update detail||Effective from|
|12 May 2017||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|
|7 February 2018|| Supervisory 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’.|| 10 December 2018
|28 September 2016||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)’||28 September 2016|
|13 August 2015||Supervisory Statement 35/15||Initial publication issued alongside PS22/15 ‘Strengthening individual accountability in insurance: responses to CP26/14, CP7/15 and CP13/15’.||13 August 2015|