The PRA will publish two Policy Statements tomorrow:

  1. PS 21/15: The Senior Insurance Managers Regime: a streamlined approach for non-Solvency II insurance firms; and
  2. PS 22/15: Strengthening individual accountability in insurance – responses to CP26/14, CP7/15 and CP13/15 (*).

We will prepare a short, practical, summary of the Senior Insurance Managers Regime, which explains what the new rules will require, and when. Our summary will also explain how today’s controlled function holders will be transitioned from one regime into the next.

Our summary will be published by the Insurance & Reinsurance Legacy Association (IRLA) at the beginning of next week; and republished here, a fortnight later.

In the meantime, the PRA’s Policy Statements will be available here, from 10am tomorrow.

(* CP26/14 – Senior insurance managers regime: a new regulatory framework for individuals; CP7/15 – Approach to non-executive directives in banking and Solvency II firms, & Application of the presumption of responsibility to Senior Managers in Banking Firms; and CP13/15 – Changes to the Approved Persons Regime for Solvency II firms: forms, consequential changes and transitional arrangements.)