Update 24 February 2020
This SS has been updated following publication of Policy Statement (PS) 3/20 ‘Responses to Occasional Consultation Paper 25/19 – Chapters 2 and 3’ . This version takes effect from Monday 24 February 2020, and is available under ‘current version’ in the timeline below.
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.