CII policy briefing: Strengthening individual accountability in insurance - SIMR, conduct rules and approved persons

The PRA and FCA have published a number of policy statements and consultation papers relating to the forthcoming Senior Insurance Managers Regime (SIMR). These latest publications seek to provide greater clarity by outlining the final rules on most aspects of the new regime, as well as further proposals to introduce a streamlined approach for smaller insurers. The new regime, first put forward in consultations launched in November 2014, is the result of changes required by the Solvency II regime and the regulators’ intention to bring insurance into line with new banking supervision rules (SM&CR). The insurance regime (SIMR) is aligned with the banking one (SMR) for the most part.

This CII policy briefing provides an overview of the final rules and includes a 2016 timeline of events.