The PRA and the FCA have at last published their proposals on
how they intend to extend the Senior Managers and Certification
Regime to insurers.
Insurers will already be familiar with the Senior Insurance
Managers Regime (SIMR), following its implementation on 7th March
last year. The new proposed regime will retain many of the features
of the SIMR with the significant difference being the introduction
of the Certification Regime. This will be a big change, making most
employees in insurers subject to the regulators' conduct rules
and requiring employers to certify them as fit and proper.
WHY IS THIS HAPPENING?
The main purpose of these proposals is to align with the
regulatory framework already in force for banks from 7th March
2016, while taking into account the unique characteristics of
insurers. Overall, the stated intention is to implement a
consistent but proportionate regulatory framework to strength
individual accountability and promote effective
