Update 12 May 2017
SS35/15 was updated alongside the publication of PS12/17 ‘Strengthening individual accountability in banking and insurance: amendments and optimisations’. This version of SS35/15 supersedes the update issued on 28 September 2016.
Note: This document will be updated periodically as the accountability regimes continue to develop, including to reflect provisions in the Bank of England and Financial Services Act. To ensure you have the current version of the document at any given point, please refer to Strengthening accountability - Policy development for any updates. Updates will also be noted in the PRA Regulatory Digest. The webpages hosting the documents will also be updated, as will the documents themselves to refer readers to the updated versions.
Update 28 September 2016
SS35/15 was updated alongside the publication of PS27/16 ‘Strengthening accountability in banking and insurance: PRA requirements on regulatory references (part II)’. This version of SS35/15 supersedes the update issued on 13 August 2015. Please note, SS35/15 is being consulted on as part of CP34/16 ‘Strengthening accountability in banking and insurance: amendments and optimisations’, published on Wednesday 28 September 2016.
Published on 13 August 2015
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 seeks to advance the PRA's statutory objective of promoting the safety and soundness of the firms it regulates by setting out the PRA's expectations of how firms should comply with the regulatory framework of the Senior Insurance Managers Regime (SIMR).
The statement sets expectations regarding:
- the SIMR;
- the application of conduct standards and associated notifications; and
- assessing fitness and propriety.
This statement has been subject to public consultation and reflects the feedback that was received by the PRA in response to CP26/14 ‘Senior Insurance Managers Regime: a new regulatory framework for individuals’ and CP7/15 ‘Approach to non-executive directors in banking and Solvency II firms & Application of the presumption of responsibility to Senior Managers in banking firms’.