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.
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.