In August 2015, the PRA published proposals for a new Senior Insurance Managers Regime (SIMR). The new regime, which will replace the current Approved Persons Regime, addresses the fitness and propriety requirements for designated Senior Insurance Managers as well as the application of Conduct Standards and allocation of responsibility to certain senior individuals within an undertaking.
In response to its proposals, the PRA received questions from industry stakeholders on the application of the new regime to Solvency II insurers and has published answers to 14 questions. The PRA’s Q&A document addresses a number of industry concerns, including the process for individuals already approved for a Senior Insurance Management Function (SIMF) who are moving to a new function; the impact of the SIMR on UK branches of incoming EEA insurance firms and qualification requirements for a Chief Actuary. Questions around the outsourcing of Key Functions have also been addressed and detailed guidance provided.
A link to the PRA’s Q&A document is here.